Occidental Petroleum (NYSE:OXY) Given New $70.00 Price Target at Mizuho

Occidental Petroleum (NYSE:OXY) had its price target lifted by research analysts at Mizuho from $69.00 to $70.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas producer’s stock. Mizuho’s price objective would indicate a potential upside of 1.41% from the stock’s current price.

OXY has been the subject of several other reports. Wells Fargo & Company upped their price objective on shares of Occidental Petroleum from $59.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, February 16th. Truist Financial raised their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, April 5th. HSBC started coverage on Occidental Petroleum in a report on Monday, April 8th. They set a “hold” rating and a $65.00 price target for the company. Morgan Stanley raised their price target on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $72.06.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $69.03 on Thursday. The stock has a fifty day moving average of $62.47 and a 200-day moving average of $61.07. The stock has a market cap of $61.19 billion, a PE ratio of 17.65 and a beta of 1.64. Occidental Petroleum has a fifty-two week low of $55.12 and a fifty-two week high of $71.18. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The business had revenue of $7.53 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the previous year, the business earned $1.61 earnings per share. The firm’s revenue was down 9.6% on a year-over-year basis. Equities research analysts anticipate that Occidental Petroleum will post 3.84 earnings per share for the current year.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently made changes to their positions in the stock. Everhart Financial Group Inc. grew its position in Occidental Petroleum by 2.3% during the 3rd quarter. Everhart Financial Group Inc. now owns 7,457 shares of the oil and gas producer’s stock worth $484,000 after purchasing an additional 169 shares during the last quarter. PFG Investments LLC lifted its stake in shares of Occidental Petroleum by 2.7% during the third quarter. PFG Investments LLC now owns 6,423 shares of the oil and gas producer’s stock worth $417,000 after buying an additional 170 shares during the period. VisionPoint Advisory Group LLC grew its holdings in shares of Occidental Petroleum by 1.2% during the third quarter. VisionPoint Advisory Group LLC now owns 14,754 shares of the oil and gas producer’s stock valued at $957,000 after buying an additional 174 shares during the last quarter. Conning Inc. increased its position in shares of Occidental Petroleum by 3.6% in the 3rd quarter. Conning Inc. now owns 5,146 shares of the oil and gas producer’s stock valued at $334,000 after acquiring an additional 180 shares during the period. Finally, Lazard Asset Management LLC lifted its position in Occidental Petroleum by 1.5% during the 1st quarter. Lazard Asset Management LLC now owns 11,920 shares of the oil and gas producer’s stock worth $676,000 after acquiring an additional 180 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

About Occidental Petroleum

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, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.