Morgan Stanley Issues Pessimistic Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its price objective decreased by stock analysts at Morgan Stanley from $52.00 to $51.00 in a report released on Thursday,MarketScreener reports. The brokerage presently has an “equal weight” rating on the oil and gas producer’s stock. Morgan Stanley’s price objective points to a potential upside of 22.98% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the stock. Melius Research initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on Occidental Petroleum from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. Piper Sandler lowered their price objective on Occidental Petroleum from $47.00 to $46.00 and set a “neutral” rating for the company in a research note on Tuesday. Evercore ISI dropped their price objective on Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating on the stock in a report on Friday, October 3rd. Finally, Citigroup reduced their target price on Occidental Petroleum from $49.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $51.19.

Occidental Petroleum Stock Up 0.6%

NYSE OXY traded up $0.26 on Thursday, reaching $41.47. The company had a trading volume of 9,203,834 shares, compared to its average volume of 11,420,720. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. Occidental Petroleum has a 1 year low of $34.78 and a 1 year high of $53.20. The firm has a 50-day moving average of $43.34 and a 200-day moving average of $43.75. The firm has a market capitalization of $40.86 billion, a PE ratio of 24.54 and a beta of 0.91.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Monday, November 10th. The oil and gas producer reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.16. The business had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6.66 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.00 earnings per share. On average, equities research analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Occidental Petroleum by 0.8% during the third quarter. Vanguard Group Inc. now owns 89,201,540 shares of the oil and gas producer’s stock valued at $4,214,773,000 after purchasing an additional 697,521 shares during the last quarter. State Street Corp boosted its holdings in shares of Occidental Petroleum by 1.6% in the 2nd quarter. State Street Corp now owns 39,044,478 shares of the oil and gas producer’s stock valued at $1,649,147,000 after buying an additional 615,566 shares during the period. Geode Capital Management LLC grew its position in shares of Occidental Petroleum by 22.0% during the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock valued at $756,796,000 after buying an additional 3,267,269 shares during the last quarter. H&H International Investment LLC raised its stake in Occidental Petroleum by 1.8% during the first quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer’s stock worth $682,456,000 after acquiring an additional 249,100 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Occidental Petroleum by 11.5% in the third quarter. Dimensional Fund Advisors LP now owns 8,718,939 shares of the oil and gas producer’s stock worth $412,045,000 after acquiring an additional 900,677 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Company Profile

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.