Occidental Petroleum (NYSE:OXY) Lifted to Sector Outperform at Scotiabank

Occidental Petroleum (NYSE:OXY) was upgraded by research analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a note issued to investors on Thursday, MarketBeat reports. The firm presently has a $90.00 price target on the oil and gas producer’s stock, up from their prior price target of $63.00. Scotiabank’s price target points to a potential upside of 30.38% from the company’s previous close.

A number of other equities analysts also recently commented on OXY. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Mizuho raised their target price on Occidental Petroleum from $63.00 to $69.00 and gave the company a “neutral” rating in a research note on Friday, March 22nd. HSBC assumed coverage on shares of Occidental Petroleum in a research note on Monday, April 8th. They set a “hold” rating and a $65.00 price objective on the stock. Wells Fargo & Company lifted 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. Finally, Barclays assumed coverage on shares of Occidental Petroleum in a research note on Wednesday. They set an “equal weight” rating and a $73.00 price objective on the stock. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.06.

Occidental Petroleum Stock Down 0.3 %

OXY stock opened at $69.03 on Thursday. Occidental Petroleum has a twelve month low of $55.12 and a twelve month high of $71.18. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $61.19 billion, a P/E ratio of 17.65 and a beta of 1.64. The firm has a 50 day simple moving average of $62.47 and a 200-day simple moving average of $61.07.

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

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the business. Everhart Financial Group Inc. lifted its holdings in shares of 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 valued at $484,000 after buying an additional 169 shares during the last quarter. PFG Investments LLC lifted its holdings in shares of Occidental Petroleum by 2.7% during the 3rd quarter. PFG Investments LLC now owns 6,423 shares of the oil and gas producer’s stock valued at $417,000 after buying an additional 170 shares during the last quarter. VisionPoint Advisory Group LLC lifted its holdings in shares of Occidental Petroleum by 1.2% during the 3rd 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. lifted its holdings in shares of Occidental Petroleum by 3.6% during the 3rd quarter. Conning Inc. now owns 5,146 shares of the oil and gas producer’s stock valued at $334,000 after buying an additional 180 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in shares of 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 valued at $676,000 after buying an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.