JPMorgan Chase & Co. Increases Occidental Petroleum (NYSE:OXY) Price Target to $48.00

Occidental Petroleum (NYSE:OXY) had its price objective boosted by analysts at JPMorgan Chase & Co. from $47.00 to $48.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 12.57% from the company’s current price.

OXY has been the subject of several other research reports. Scotiabank set a $45.00 price target on shares of Occidental Petroleum and gave the company a “sector perform” rating in a research report on Friday, July 11th. UBS Group decreased their price target 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. Barclays boosted their price target on shares of Occidental Petroleum from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 8th. Citigroup boosted their price target on Occidental Petroleum from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Monday, May 19th. Finally, Susquehanna lowered their target price on Occidental Petroleum from $59.00 to $55.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $53.62.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $42.64 on Tuesday. The firm has a market capitalization of $41.96 billion, a price-to-earnings ratio of 17.33 and a beta of 0.84. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.01 and a quick ratio of 0.79. The company’s 50-day moving average is $43.32 and its two-hundred day moving average is $45.21. Occidental Petroleum has a 1-year low of $34.79 and a 1-year high of $64.76.

Occidental Petroleum (NYSE:OXY) last posted its 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. The company 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%. Occidental Petroleum’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.63 earnings per share. Analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Berkshire Hathaway Inc boosted its holdings in Occidental Petroleum by 3.5% in the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer’s stock worth $13,053,055,000 after purchasing an additional 8,896,890 shares during the period. Vanguard Group Inc. lifted its position in Occidental Petroleum by 17.8% in the first quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer’s stock worth $3,960,202,000 after purchasing an additional 12,107,285 shares during the period. Geode Capital Management LLC grew its holdings in Occidental Petroleum by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer’s stock worth $701,816,000 after acquiring an additional 398,467 shares during the period. H&H International Investment LLC grew its stake in shares of Occidental Petroleum by 1.8% in the 1st quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer’s stock worth $682,456,000 after purchasing an additional 249,100 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Occidental Petroleum by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer’s stock valued at $401,162,000 after buying an additional 710,220 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.