UBS Group Lowers Occidental Petroleum (NYSE:OXY) Price Target to $45.00

Occidental Petroleum (NYSE:OXY) had its price target reduced by stock analysts at UBS Group from $46.00 to $45.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas producer’s stock. UBS Group’s price target indicates a potential upside of 0.32% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Melius Research assumed coverage on shares of Occidental Petroleum in a report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price target for the company. JPMorgan Chase & Co. upped their price target on Occidental Petroleum from $47.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 15th. Piper Sandler raised their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Morgan Stanley reiterated an “equal weight” rating and issued a $52.00 target price on shares of Occidental Petroleum in a report on Monday, August 18th. Finally, Mizuho upgraded shares of Occidental Petroleum from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $58.00 to $60.00 in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and an average price target of $52.87.

Occidental Petroleum Stock Performance

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

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

Institutional Trading of Occidental Petroleum

Several hedge funds have recently made changes to their positions in OXY. Vanguard Group Inc. grew its stake in shares of Occidental Petroleum by 10.3% during the 2nd quarter. Vanguard Group Inc. now owns 88,504,019 shares of the oil and gas producer’s stock worth $3,718,054,000 after acquiring an additional 8,273,030 shares during the period. State Street Corp boosted its position in Occidental Petroleum by 1.6% during the second quarter. State Street Corp now owns 39,044,478 shares of the oil and gas producer’s stock worth $1,649,147,000 after purchasing an additional 615,566 shares during the period. Geode Capital Management LLC boosted its holdings in Occidental Petroleum by 22.0% in the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock worth $756,796,000 after buying an additional 3,267,269 shares during the period. H&H International Investment LLC grew its position in shares of Occidental Petroleum by 1.8% in the first quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer’s stock valued at $682,456,000 after purchasing an additional 249,100 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Occidental Petroleum by 9.6% during the 1st 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 purchasing an additional 710,220 shares during the period. 88.70% of the stock is currently owned by 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.