Evercore ISI Lowers Occidental Petroleum (NYSE:OXY) Price Target to $38.00

Occidental Petroleum (NYSE:OXY) had its price target lowered by analysts at Evercore ISI from $40.00 to $38.00 in a report issued on Friday,Benzinga reports. The firm currently has an “underperform” rating on the oil and gas producer’s stock. Evercore ISI’s target price points to a potential downside of 15.29% from the stock’s current price.

A number of other research firms have also recently commented on OXY. Wall Street Zen cut Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Mizuho raised Occidental Petroleum from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $58.00 to $60.00 in a report on Friday. Morgan Stanley restated an “equal weight” rating and issued a $52.00 price objective on shares of Occidental Petroleum in a research report on Monday, August 18th. Wells Fargo & Company reduced their target price on Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 15th. Finally, UBS Group dropped their price target on shares of Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Occidental Petroleum has an average rating of “Hold” and an average target price of $52.87.

Occidental Petroleum Price Performance

NYSE:OXY opened at $44.86 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The company has a 50 day moving average price of $45.63 and a 200-day moving average price of $43.79. Occidental Petroleum has a 1-year low of $34.78 and a 1-year high of $56.49. The firm has a market cap of $44.16 billion, a price-to-earnings ratio of 26.54 and a beta of 0.95.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same period in the prior year, the firm posted $1.03 earnings per share. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. Equities research analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in OXY. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Occidental Petroleum in the second quarter valued at about $27,000. Grove Bank & Trust boosted its position in Occidental Petroleum by 129.2% during the first 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 last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Occidental Petroleum during the 1st quarter valued at about $39,000. Hantz Financial Services Inc. raised its holdings in Occidental Petroleum by 1,193.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer’s stock valued at $36,000 after acquiring an additional 788 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC lifted its stake in Occidental Petroleum by 371.7% in the 2nd quarter. MeadowBrook Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock worth $42,000 after purchasing an additional 788 shares in the last quarter. Institutional investors and hedge funds 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.