Occidental Petroleum (NYSE:OXY) Price Target Raised to $70.00 at Capital One Financial

Occidental Petroleum (NYSE:OXY) had its price objective raised by investment analysts at Capital One Financial from $67.00 to $70.00 in a report released on Wednesday,MarketScreener reports. Capital One Financial‘s price objective points to a potential upside of 21.83% from the stock’s previous close.

Several other equities analysts also recently issued reports on OXY. Wolfe Research boosted their price target on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Monday, April 6th. BMO Capital Markets increased their price target on Occidental Petroleum from $60.00 to $65.00 and gave the company a “market perform” rating in a research note on Tuesday, April 7th. Mizuho lifted their price objective on shares of Occidental Petroleum from $72.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. cut their target price on Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Finally, Zacks Research upgraded shares of Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $63.74.

Occidental Petroleum Stock Performance

Shares of OXY traded up $0.57 during mid-day trading on Wednesday, hitting $57.46. The stock had a trading volume of 1,589,629 shares, compared to its average volume of 14,983,489. The company has a market cap of $57.15 billion, a PE ratio of 14.46 and a beta of 0.17. The company’s fifty day simple moving average is $58.93 and its two-hundred day simple moving average is $49.81. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. Occidental Petroleum has a fifty-two week low of $38.80 and a fifty-two week high of $67.45.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Woodline Partners LP grew its position in shares of Occidental Petroleum by 40.7% in the first quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after purchasing an additional 16,506 shares during the last quarter. Marshall Wace LLP acquired a new position in Occidental Petroleum in the second quarter worth about $4,584,000. Federated Hermes Inc. raised its holdings in shares of Occidental Petroleum by 696.7% in the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after buying an additional 20,985 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in Occidental Petroleum by 7.4% during the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after acquiring an additional 7,285 shares in the last quarter. Finally, AXA S.A. grew its stake in Occidental Petroleum by 24.3% during the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock worth $5,740,000 after buying an additional 26,741 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.