Occidental Petroleum (NYSE:OXY) Stock Price Expected to Rise, Mizuho Analyst Says

Occidental Petroleum (NYSE:OXY) had its target price raised by Mizuho from $72.00 to $75.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the oil and gas producer’s stock. Mizuho’s price target would suggest a potential upside of 30.12% from the stock’s previous close.

Several other equities research analysts have also issued reports on OXY. Scotiabank raised their price objective on Occidental Petroleum from $46.00 to $57.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Argus upgraded Occidental Petroleum to a “hold” rating in a research report on Friday, February 27th. Stephens lifted their price target on shares of Occidental Petroleum from $59.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, March 31st. Barclays upgraded shares of Occidental Petroleum from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $59.00 to $72.00 in a research note on Tuesday. Finally, Roth Mkm upped their target price on Occidental Petroleum from $45.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $63.61.

Occidental Petroleum Trading Down 2.0%

Shares of OXY stock opened at $57.64 on Wednesday. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49. Occidental Petroleum has a 12-month low of $38.80 and a 12-month high of $67.45. The stock has a market capitalization of $57.33 billion, a P/E ratio of 14.52 and a beta of 0.17. The firm’s 50 day moving average is $58.94 and its 200 day moving average is $49.69.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. During the same period in the previous year, the company posted $0.14 EPS. The business’s quarterly revenue was down 8.3% compared to the same quarter last year. Research analysts expect that Occidental Petroleum will post 5.33 earnings per share for the current year.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. grew its position in Occidental Petroleum by 12.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock worth $111,000 after purchasing an additional 196 shares during the last quarter. Athena Wealth Management LLC increased its holdings in shares of Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock valued at $1,206,000 after purchasing an additional 214 shares during the period. Carrera Capital Advisors lifted its holdings in shares of Occidental Petroleum by 0.5% during the fourth quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer’s stock worth $1,831,000 after purchasing an additional 227 shares during the period. Summit Securities Group LLC grew its position in Occidental Petroleum by 18.5% in the 4th quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer’s stock valued at $60,000 after buying an additional 229 shares during the last quarter. Finally, Apella Capital LLC increased its holdings in Occidental Petroleum by 3.4% during the 4th quarter. Apella Capital LLC now owns 7,019 shares of the oil and gas producer’s stock valued at $289,000 after acquiring an additional 233 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

About Occidental Petroleum

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.