Zacks Reiterates “Neutral” Rating for Occidental Petroleum Corp. (OXY)
Occidental Petroleum Corp. (NYSE:OXY)‘s stock had its “neutral” rating restated by Zacks in a research report issued on Thursday, Analyst RN reports. They currently have a $100.00 price objective on the stock. Zacks‘ target price suggests a potential upside of 5.50% from the stock’s previous close.
Zacks‘ analyst wrote, “Occidental Petroleum Corporation’s performance in the first nine months of 2013 improved from year ago period primarily on the back of higher contribution from all the segments, a decline in input costs and lower interest expenses. We have spotted several key value drivers, including a favorable financial position, diversified asset-base, disciplined investment strategy, focus on domestic operations and cost-reduction initiatives, which may help to boost future performance. However, stringent regulations, volatile commodity prices and risks related to exploration and production infrastructure damages could offset the aforesaid positives. Thus, we maintain our Neutral recommendation on the stock.”
Occidental Petroleum Corp. (NYSE:OXY) traded down 0.23% on Thursday, hitting $94.57. The stock had a trading volume of 2,104,329 shares. Occidental Petroleum Corp. has a 52 week low of $77.21 and a 52 week high of $99.42. The stock has a 50-day moving average of $94.10 and a 200-day moving average of $92.4. The company has a market cap of $76.229 billion and a P/E ratio of 16.66.
Occidental Petroleum Corp. (NYSE:OXY) last released its earnings data on Tuesday, October 29th. The company reported $1.97 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.89 by $0.08. The company had revenue of $6.45 billion for the quarter, compared to the consensus estimate of $6.39 billion. During the same quarter last year, the company posted $1.70 earnings per share. Occidental Petroleum Corp.’s revenue was up 8.1% compared to the same quarter last year. Analysts expect that Occidental Petroleum Corp. will post $7.06 EPS for the current fiscal year.
A number of other firms have also recently commented on OXY. Analysts at Howard Weil downgraded shares of Occidental Petroleum Corp. from an “outperform” rating to a “sector perform” rating in a research note to investors on Wednesday. They now have a $106.00 price target on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Occidental Petroleum Corp. in a research note to investors on Sunday. Finally, analysts at Iberia Capital initiated coverage on shares of Occidental Petroleum Corp. in a research note to investors on Tuesday, December 31st. They set an “outperform” rating and a $105.00 price target on the stock. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Occidental Petroleum Corp. presently has an average rating of “Buy” and a consensus price target of $105.42.
Occidental Petroleum Corporation (NYSE:OXY) conducts its operations through various subsidiaries and affiliates.
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