Scotiabank Boosts Occidental Petroleum (NYSE:OXY) Price Target to $45.00

Occidental Petroleum (NYSE:OXY) had its price objective increased by analysts at Scotiabank from $40.00 to $45.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the oil and gas producer’s stock. Scotiabank’s price target would indicate a potential downside of 2.87% from the company’s previous close.

A number of other equities research analysts have also recently commented on OXY. Piper Sandler dropped their price objective on shares of Occidental Petroleum from $50.00 to $48.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Occidental Petroleum from $52.00 to $47.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Barclays lifted their price target on shares of Occidental Petroleum from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. UBS Group dropped their price target on shares of Occidental Petroleum from $44.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Finally, Wells Fargo & Company lifted their price target on shares of Occidental Petroleum from $42.00 to $47.00 and gave the company an “equal weight” rating in a research note on Thursday, June 26th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $53.62.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $46.33 on Friday. The company has a market cap of $45.59 billion, a PE ratio of 18.83 and a beta of 0.84. Occidental Petroleum has a twelve month low of $34.79 and a twelve month high of $64.76. The company’s 50 day moving average is $43.05 and its 200 day moving average is $45.29. 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 (NYSE:OXY) last issued its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. The business had revenue of $6.80 billion for the quarter, compared to analysts’ expectations of $6.97 billion. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The business’s revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the company earned $0.63 EPS. On average, sell-side analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Altshuler Shaham Ltd purchased a new position in shares of Occidental Petroleum during the 4th quarter worth $26,000. VSM Wealth Advisory LLC purchased a new position in shares of Occidental Petroleum during the 4th quarter worth $27,000. Bernard Wealth Management Corp. purchased a new position in shares of Occidental Petroleum during the 4th quarter worth $32,000. Grove Bank & Trust raised its holdings in shares of Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock worth $36,000 after acquiring an additional 407 shares during the period. Finally, American National Bank & Trust purchased a new position in shares of Occidental Petroleum during the 1st quarter worth $39,000. 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.