Occidental Petroleum (NYSE:OXY) Given a $45.00 Price Target at Scotiabank

Occidental Petroleum (NYSE:OXY) has been assigned a $45.00 price objective by equities researchers at Scotiabank in a research note issued on Friday, Marketbeat reports. The firm currently has a “sector perform” rating on the oil and gas producer’s stock. Scotiabank’s price objective points to a potential downside of 0.32% from the company’s previous close.

A number of other brokerages also recently commented on OXY. Barclays increased their price target on shares of Occidental Petroleum from $46.00 to $48.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. Mizuho decreased their price objective on shares of Occidental Petroleum from $60.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Hsbc Global Res raised shares of Occidental Petroleum to a “hold” rating in a research note on Wednesday, April 16th. Morgan Stanley set a $58.00 price objective on shares of Occidental Petroleum and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Finally, UBS Group decreased their price objective on shares of Occidental Petroleum from $44.00 to $38.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $53.62.

Occidental Petroleum Stock Down 2.5%

Shares of NYSE:OXY opened at $45.14 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.79 and a debt-to-equity ratio of 0.90. Occidental Petroleum has a 12 month low of $34.79 and a 12 month high of $64.76. The company has a 50-day moving average price of $43.18 and a 200 day moving average price of $45.24. The company has a market cap of $44.43 billion, a price-to-earnings ratio of 18.35 and a beta of 0.84.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The firm had revenue of $6.80 billion during the quarter, compared to the consensus estimate of $6.97 billion. During the same quarter last year, the firm earned $0.63 EPS. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, equities research analysts predict that Occidental Petroleum will post 3.58 earnings per share for the current year.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently bought and sold shares of the business. Northeast Financial Consultants Inc boosted its stake in Occidental Petroleum by 0.4% in the first quarter. Northeast Financial Consultants Inc now owns 58,549 shares of the oil and gas producer’s stock valued at $2,890,000 after acquiring an additional 242 shares in the last quarter. Horizon Investments LLC boosted its stake in Occidental Petroleum by 2.3% in the fourth quarter. Horizon Investments LLC now owns 11,208 shares of the oil and gas producer’s stock valued at $554,000 after acquiring an additional 257 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Occidental Petroleum by 20.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,631 shares of the oil and gas producer’s stock valued at $81,000 after acquiring an additional 274 shares in the last quarter. S.A. Mason LLC boosted its stake in Occidental Petroleum by 5.9% in the second quarter. S.A. Mason LLC now owns 5,306 shares of the oil and gas producer’s stock valued at $223,000 after acquiring an additional 295 shares in the last quarter. Finally, Moody National Bank Trust Division boosted its stake in Occidental Petroleum by 2.0% in the second quarter. Moody National Bank Trust Division now owns 15,326 shares of the oil and gas producer’s stock valued at $644,000 after acquiring an additional 300 shares in the last quarter. 88.70% of the stock is 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.