Occidental Petroleum (NYSE:OXY) Now Covered by Analysts at Truist Financial

Equities research analysts at Truist Financial assumed coverage on shares of Occidental Petroleum (NYSE:OXY) in a research report issued to clients and investors on Tuesday. The brokerage set a “hold” rating and a $65.00 price target on the oil and gas producer’s stock. Truist Financial’s target price points to a potential upside of 7.78% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. BMO Capital Markets boosted their price objective on shares of Occidental Petroleum from $48.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, February 23rd. Susquehanna increased their target price on shares of Occidental Petroleum from $51.00 to $60.00 and gave the company a “positive” rating in a report on Friday, February 20th. Wells Fargo & Company raised Occidental Petroleum from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $47.00 to $69.00 in a research note on Thursday, March 12th. JPMorgan Chase & Co. upgraded Occidental Petroleum from an “underweight” rating to a “neutral” rating and set a $63.00 price target on the stock in a report on Friday. Finally, Bank of America raised their price objective on Occidental Petroleum from $44.00 to $45.00 in a research note on Tuesday, January 27th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $55.59.

Occidental Petroleum Trading Down 0.7%

Shares of OXY stock opened at $60.31 on Tuesday. The business’s fifty day moving average price is $49.56 and its 200 day moving average price is $45.10. The firm has a market capitalization of $59.81 billion, a PE ratio of 37.46 and a beta of 0.34. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.74. Occidental Petroleum has a 1-year low of $34.78 and a 1-year high of $61.37.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.13. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter last year, the company earned $0.80 earnings per share. Occidental Petroleum’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Occidental Petroleum by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock valued at $3,696,716,000 after buying an additional 699,137 shares during the last quarter. State Street Corp boosted its position in Occidental Petroleum by 2.1% during the fourth quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock worth $1,635,263,000 after acquiring an additional 828,848 shares during the last quarter. Geode Capital Management LLC grew its stake in Occidental Petroleum by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock worth $771,949,000 after acquiring an additional 167,518 shares during the period. Dimensional Fund Advisors LP raised its holdings in Occidental Petroleum by 21.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after acquiring an additional 1,883,721 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Occidental Petroleum by 18.9% during the 4th quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer’s stock worth $276,772,000 after purchasing an additional 1,071,948 shares during the period. 88.70% of the stock is currently 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.