Occidental Petroleum (NYSE:OXY) Stock Rating Upgraded by Scotiabank

Occidental Petroleum (NYSE:OXY) was upgraded by analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report issued on Thursday, MarketBeat reports. The firm presently has a $90.00 price objective on the oil and gas producer’s stock, up from their previous price objective of $63.00. Scotiabank’s price objective points to a potential upside of 30.38% from the stock’s previous close.

A number of other brokerages have also recently commented on OXY. Truist Financial boosted their price target on Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. HSBC assumed coverage on Occidental Petroleum in a research note on Monday, April 8th. They issued a “hold” rating and a $65.00 price objective for the company. Wells Fargo & Company raised their price target on Occidental Petroleum from $59.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, February 16th. Stephens restated an “overweight” rating and set a $74.00 price objective on shares of Occidental Petroleum in a research report on Thursday, February 15th. Finally, Barclays began coverage on Occidental Petroleum in a research note on Wednesday. They set an “equal weight” rating and a $73.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.06.

Occidental Petroleum Stock Down 0.3 %

OXY stock opened at $69.03 on Thursday. Occidental Petroleum has a fifty-two week low of $55.12 and a fifty-two week high of $71.18. The business’s 50 day moving average price is $62.47 and its two-hundred day moving average price is $61.07. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The company has a market capitalization of $61.19 billion, a price-to-earnings ratio of 17.65 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The firm had revenue of $7.53 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the business earned $1.61 EPS. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. As a group, analysts forecast that Occidental Petroleum will post 3.84 earnings per share for the current fiscal year.

Institutional Trading of Occidental Petroleum

Hedge funds have recently bought and sold shares of the stock. Berkshire Hathaway Inc lifted its stake in shares of Occidental Petroleum by 8.7% during the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after purchasing an additional 19,586,612 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Occidental Petroleum by 24.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer’s stock worth $779,983,000 after buying an additional 2,334,651 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Occidental Petroleum by 22.2% in the fourth quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer’s stock worth $357,977,000 after acquiring an additional 1,088,052 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Occidental Petroleum by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,035,799 shares of the oil and gas producer’s stock worth $285,732,000 after acquiring an additional 118,928 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Occidental Petroleum by 2.8% in the 3rd quarter. Invesco Ltd. now owns 4,665,494 shares of the oil and gas producer’s stock valued at $302,697,000 after acquiring an additional 125,927 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.