Occidental Petroleum (NYSE:OXY) Raised to “Outperform” at Evercore

Occidental Petroleum (NYSE:OXY) was upgraded by stock analysts at Evercore from an “in-line” rating to an “outperform” rating in a report issued on Wednesday, MarketBeat.com reports. The firm presently has a $65.00 target price on the oil and gas producer’s stock. Evercore’s price objective would suggest a potential upside of 25.72% from the company’s previous close.

OXY has been the subject of a number of other reports. BMO Capital Markets upped their target price on Occidental Petroleum from $60.00 to $65.00 and gave the company a “market perform” rating in a research report on Tuesday, April 7th. Capital One Financial boosted their price target on Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Weiss Ratings downgraded shares of Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Piper Sandler raised shares of Occidental Petroleum from a “neutral” rating to an “overweight” rating and raised their target price for the company from $54.00 to $66.00 in a report on Thursday, March 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $64.48.

Occidental Petroleum Trading Up 5.9%

Shares of Occidental Petroleum stock opened at $51.70 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. The business has a fifty day simple moving average of $55.37 and a two-hundred day simple moving average of $52.27. Occidental Petroleum has a 1 year low of $38.80 and a 1 year high of $67.45. The company has a market capitalization of $51.43 billion, a price-to-earnings ratio of 13.02 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter in the previous year, the company posted $0.14 earnings per share. The business’s revenue was down 8.3% on a year-over-year basis. Research analysts forecast that Occidental Petroleum will post 5.99 EPS for the current year.

Insider Transactions at Occidental Petroleum

In related news, CEO Richard A. Jackson acquired 4,770 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently bought and sold shares of OXY. Axiom Investment Management LLC acquired a new position in shares of Occidental Petroleum during the first quarter valued at about $25,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Occidental Petroleum in the 1st quarter worth about $26,000. Portus Wealth Advisors LLC bought a new position in Occidental Petroleum in the 1st quarter valued at about $29,000. Ballast Advisors LLC acquired a new position in Occidental Petroleum during the 1st quarter valued at about $39,000. Finally, Whipplewood Advisors LLC bought a new stake in Occidental Petroleum during the 1st quarter worth approximately $42,000. Institutional investors own 88.70% of the company’s stock.

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.