Morgan Stanley Boosts Occidental Petroleum (NYSE:OXY) Price Target to $70.00

Occidental Petroleum (NYSE:OXYGet Rating) had its price objective boosted by research analysts at Morgan Stanley from $52.00 to $70.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas producer’s stock. Morgan Stanley’s price target would suggest a potential upside of 18.91% from the company’s previous close.

A number of other research firms also recently commented on OXY. TheStreet raised Occidental Petroleum from a “c” rating to a “b-” rating in a research note on Thursday, February 24th. Raymond James boosted their price target on Occidental Petroleum from $60.00 to $85.00 and gave the company a “strong-buy” rating in a research note on Wednesday, March 30th. Stifel Nicolaus began coverage on Occidental Petroleum in a research note on Tuesday, April 5th. They issued a “buy” rating and a $84.00 price target for the company. Truist Financial boosted their price target on Occidental Petroleum from $78.00 to $86.00 in a research note on Thursday. Finally, Barclays boosted their price target on Occidental Petroleum from $69.00 to $74.00 and gave the company an “overweight” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $59.16.

OXY stock traded down $0.33 during midday trading on Friday, reaching $58.87. 193,059 shares of the company were exchanged, compared to its average volume of 31,713,916. Occidental Petroleum has a one year low of $21.62 and a one year high of $63.56. The company has a debt-to-equity ratio of 2.79, a current ratio of 1.23 and a quick ratio of 1.00. The firm has a market capitalization of $55.16 billion, a price-to-earnings ratio of 37.55, a price-to-earnings-growth ratio of 0.22 and a beta of 2.06. The business has a 50-day moving average price of $53.28 and a two-hundred day moving average price of $40.03.

Occidental Petroleum (NYSE:OXYGet Rating) last posted its earnings results on Thursday, February 24th. The oil and gas producer reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.40. Occidental Petroleum had a return on equity of 31.13% and a net margin of 8.82%. The company had revenue of $7.91 billion during the quarter, compared to the consensus estimate of $7.39 billion. During the same quarter last year, the firm earned ($0.78) earnings per share. The company’s revenue was up 136.4% on a year-over-year basis. As a group, analysts anticipate that Occidental Petroleum will post 8.08 earnings per share for the current fiscal year.

In related news, Director Avedick Baruyr Poladian sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $57.23, for a total value of $1,144,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vicki A. Hollub purchased 14,191 shares of the business’s stock in a transaction on Monday, March 28th. The shares were acquired at an average price of $56.24 per share, for a total transaction of $798,101.84. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC bought a new position in shares of Occidental Petroleum during the 4th quarter worth approximately $25,000. Richwood Investment Advisors LLC acquired a new position in shares of Occidental Petroleum during the fourth quarter worth approximately $27,000. Riverview Trust Co raised its position in shares of Occidental Petroleum by 498.8% during the first quarter. Riverview Trust Co now owns 976 shares of the oil and gas producer’s stock worth $55,000 after purchasing an additional 813 shares during the period. Arlington Partners LLC acquired a new position in shares of Occidental Petroleum during the fourth quarter worth approximately $29,000. Finally, Trust Co. of Vermont acquired a new position in shares of Occidental Petroleum during the fourth quarter worth approximately $41,000. Hedge funds and other institutional investors own 72.01% of the company’s stock.

About Occidental Petroleum (Get Rating)

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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