Stephens Forecasts Strong Price Appreciation for Occidental Petroleum (NYSE:OXY) Stock

Occidental Petroleum (NYSE:OXY) had its price target upped by equities research analysts at Stephens from $59.00 to $74.00 in a report released on Tuesday,MarketScreener reports. The firm presently has an “overweight” rating on the oil and gas producer’s stock. Stephens’ price objective suggests a potential upside of 18.81% from the stock’s previous close.

A number of other research firms also recently commented on OXY. Jefferies Financial Group boosted their price objective on shares of Occidental Petroleum from $42.00 to $47.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. Scotiabank upgraded shares of Occidental Petroleum to a “hold” rating in a research note on Friday, March 27th. HSBC upped their price objective on shares of Occidental Petroleum from $59.00 to $68.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Argus raised Occidental Petroleum to a “hold” rating in a report on Friday, February 27th. Finally, Wolfe Research reduced their target price on Occidental Petroleum from $55.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $58.83.

Occidental Petroleum Trading Down 4.2%

NYSE OXY opened at $62.28 on Tuesday. Occidental Petroleum has a 12 month low of $34.78 and a 12 month high of $67.45. The stock has a market capitalization of $61.77 billion, a P/E ratio of 38.69 and a beta of 0.22. The firm’s 50-day moving average is $52.44 and its two-hundred day moving average is $45.99. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.74.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.13. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter in the previous year, the business earned $0.80 EPS. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Occidental Petroleum will post 3.58 earnings per share for the current year.

Institutional Investors Weigh In On Occidental Petroleum

A number of large investors have recently added to or reduced their stakes in the business. Lane Brothers & Co. Inc. acquired a new stake in Occidental Petroleum during the fourth quarter worth approximately $273,000. Larry Mathis Financial Planning LLC acquired a new position in Occidental Petroleum in the 4th quarter valued at $223,000. PeakShares LLC purchased a new position in shares of Occidental Petroleum during the 4th quarter worth $178,000. EMC Capital Management purchased a new position in shares of Occidental Petroleum during the 4th quarter worth $94,000. Finally, Pure Financial Advisors LLC acquired a new stake in shares of Occidental Petroleum during the fourth quarter worth $233,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Stephens raised its price target to $74 and kept an “overweight” rating, signaling meaningful analyst support and ~19% upside from recent levels. Stephens Adjusts Price Target
• Positive Sentiment: Berkshire Hathaway’s closing of the OxyChem deal removes the chemicals business and provides Occidental with proceeds to pay down debt and focus on core oil & gas — a structural balance-sheet positive. Berkshire Adds OxyChem
• Positive Sentiment: Analyst estimate revisions and coverage have been constructive recently (Zacks and other outlets note rising earnings estimates), supporting medium-term upside if commodity tailwinds return. Earnings Estimates Rising (Zacks)
• Neutral Sentiment: Occidental scheduled Q1 results for May 5 with a May 6 conference call — an event risk that could move the stock depending on production, realized prices and use of OxyChem proceeds. Q1 Results Announcement
• Negative Sentiment: Crude oil pulled back today as markets priced in a possible de‑escalation in the Iran conflict and reported larger U.S. inventory builds — reducing the geopolitical premium that had supported energy stocks. This drove the immediate weakness in OXY. Markets Rally; Oil Falls (Fool)
• Negative Sentiment: Short-term profit-taking and technical selling after a strong run higher amplified the drop in OXY, a common reaction in oil-levered names when crude eases. Shares Fall as Crude Retreats (QuiverQuant)
• Negative Sentiment: Citi maintained a hold rating recently and some large institutional rebalancing has shown sizable repositioning in funds — items that can cap near-term upside if selling persists. Citi Keeps Hold Rating

Occidental Petroleum Company Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.