Occidental Petroleum (NYSE:OXY) Stock Rating Upgraded by Hsbc Global Res

Occidental Petroleum (NYSE:OXY) was upgraded by Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a research report issued on Friday,Zacks.com reports.

Several other equities analysts have also recently weighed in on OXY. Piper Sandler lifted their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. HSBC upgraded Occidental Petroleum from a “hold” rating to a “buy” rating and lifted their price objective for the company from $48.00 to $55.00 in a report on Friday. Melius started coverage on Occidental Petroleum in a report on Wednesday, August 20th. They set a “hold” rating and a $64.00 price objective on the stock. Mizuho upgraded Occidental Petroleum from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $58.00 to $60.00 in a report on Friday. Finally, Melius Research started coverage on Occidental Petroleum in a report on Wednesday, August 20th. They set a “hold” rating and a $64.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $52.87.

Occidental Petroleum Price Performance

Shares of OXY opened at $44.86 on Friday. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. Occidental Petroleum has a 1 year low of $34.78 and a 1 year high of $56.49. The stock has a market cap of $44.16 billion, a P/E ratio of 26.54 and a beta of 0.95. The stock’s 50-day moving average price is $45.63 and its two-hundred day moving average price is $43.79.

Occidental Petroleum (NYSE:OXY) last issued its 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 return on equity of 13.78% and a net margin of 8.79%.The firm had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.29 billion. During the same quarter last year, the business earned $1.03 earnings per share. The company’s revenue was down 6.1% compared to the same quarter last year. On average, equities analysts predict that Occidental Petroleum will post 3.58 earnings per share for the current year.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $1,274,000. Kestra Private Wealth Services LLC increased its position in shares of Occidental Petroleum by 5.6% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer’s stock worth $843,000 after purchasing an additional 906 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Occidental Petroleum by 9.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer’s stock worth $78,813,000 after acquiring an additional 140,528 shares during the last quarter. swisspartners Advisors Ltd acquired a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $6,006,000. Finally, Blackhawk Capital Partners LLC. acquired a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $344,000. 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.