Occidental Petroleum (NYSE:OXY) Given New $64.00 Price Target at Truist Financial

Occidental Petroleum (NYSE:OXY) had its target price boosted by Truist Financial from $63.00 to $64.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s target price would suggest a potential upside of 5.35% from the company’s previous close.

A number of other analysts also recently commented on the stock. Morgan Stanley dropped their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Friday, June 26th. Barclays lowered their price objective on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Wells Fargo & Company boosted their target price on Occidental Petroleum from $79.00 to $82.00 and gave the stock an “overweight” rating in a report on Monday, September 14th. UBS Group boosted their target price on Occidental Petroleum from $67.00 to $73.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Evercore upgraded Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price for the company in a research report on Wednesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $65.96.

Occidental Petroleum Stock Performance

OXY stock traded down $0.66 during mid-day trading on Thursday, reaching $60.75. The company had a trading volume of 2,307,828 shares, compared to its average volume of 12,056,800. The stock has a market capitalization of $60.73 billion, a P/E ratio of 9.40, a P/E/G ratio of 0.96 and a beta of 0.24. The stock’s 50-day simple moving average is $59.18 and its two-hundred day simple moving average is $57.28. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. Occidental Petroleum’s revenue was up 53.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.39 EPS. Research analysts anticipate that Occidental Petroleum will post 6.20 EPS for the current year.

Hedge Funds Weigh In On Occidental Petroleum

Large investors have recently made changes to their positions in the business. Berkshire Hathaway Inc acquired a new stake in Occidental Petroleum during the second quarter valued at approximately $12,868,205,000. Engineers Gate Manager LP boosted its holdings in Occidental Petroleum by 1,329.2% during the second quarter. Engineers Gate Manager LP now owns 59,725 shares of the oil and gas producer’s stock worth $2,901,000 after buying an additional 55,546 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Occidental Petroleum in the second quarter worth approximately $10,041,000. Swiss National Bank grew its position in Occidental Petroleum by 7.2% in the first quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock worth $140,947,000 after buying an additional 145,100 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Occidental Petroleum by 4.1% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer’s stock valued at $109,536,000 after buying an additional 66,438 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, commonly known as Oxy, is an energy company engaged in the exploration, development and production of oil and natural gas. Its upstream operations are concentrated in the United States, including the Permian and Denver-Julesburg basins, and in selected international regions such as the Middle East and North Africa.

The company also operates midstream and marketing businesses that support the gathering, processing, transportation and sale of oil, natural gas and natural gas liquids.