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Occidental Petroleum (NYSE:OXY)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Monday. They currently have a $109.00 target price on the stock. Zacks‘s price target suggests a potential upside of 5.08% from the stock’s previous close.

Zacks’ analyst wrote, “Occidental Petroleum’s earnings and revenues in second-quarter 2014 surpassed the Zacks Consensus Estimate and increased from the prior-year figures. The outperformance was primarily driven by better realized prices of the products sold and strong domestic production volume as a result of robust contribution from the Californian as well as Permian operations. The company’s BridgeTex Pipeline and the Al Hosn Gas projects are progressing well and are expected to boost future cash flow. The company’s efforts to reduce debts, an effective share repurchase program and payment of dividends, at regular intervals are appreciable. However, stringent government regulations and volatility in commodity prices are major causes of concern. Thus, we are maintaining our Neutral recommendation on the stock.”

Occidental Petroleum (NYSE:OXY) traded down 0.27% during mid-day trading on Monday, hitting $103.73. 2,485,914 shares of the company’s stock traded hands. Occidental Petroleum has a 52-week low of $85.90 and a 52-week high of $105.64. The stock has a 50-day moving average of $100.6 and a 200-day moving average of $98.28. The company has a market cap of $80.871 billion and a P/E ratio of 13.71. Occidental Petroleum also was the recipient of unusually large options trading activity on Friday. Investors bought 27,519 call options on the stock. This represents an increase of approximately 284% compared to the average volume of 7,162 call options.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Thursday, July 31st. The company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.07. The company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.04 billion. During the same quarter in the previous year, the company posted $1.64 earnings per share. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Analysts expect that Occidental Petroleum will post $7.27 EPS for the current fiscal year.

A number of other firms have also recently commented on OXY. Analysts at Simmons downgraded shares of Occidental Petroleum from an “overweight” rating to a “neutral” rating in a research note on Wednesday, August 13th. Separately, analysts at Morgan Stanley upgraded shares of Occidental Petroleum from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 4th. They now have a $120.00 price target on the stock, up previously from $110.00. Finally, analysts at Barclays cut their price target on shares of Occidental Petroleum from $120.00 to $117.00 in a research note on Monday, July 21st. They now have an “overweight” rating on the stock. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Occidental Petroleum has an average rating of “Buy” and a consensus target price of $111.50.

Occidental Petroleum Corporation (NYSE:OXY) conducts its operations through various subsidiaries and affiliates.

To view Zacks’ full report, visit Zacks’ official website.

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