Occidental Petroleum (NYSE:OXY) Price Target Raised to $54.00

Occidental Petroleum (NYSE:OXY) had its price target increased by equities research analysts at The Goldman Sachs Group from $41.00 to $54.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “sell” rating on the oil and gas producer’s stock. The Goldman Sachs Group’s price target would indicate a potential downside of 1.99% from the company’s previous close.

A number of other equities analysts have also issued reports on the stock. BMO Capital Markets raised their target price on shares of Occidental Petroleum from $48.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, February 23rd. UBS Group upped their target price on shares of Occidental Petroleum from $49.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, March 5th. Roth Mkm boosted their price target on Occidental Petroleum from $39.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. TD Cowen increased their target price on Occidental Petroleum from $48.00 to $54.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. Finally, Piper Sandler lifted their price target on Occidental Petroleum from $47.00 to $54.00 and gave the company a “neutral” rating in a research note on Thursday, March 5th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $51.86.

Occidental Petroleum Trading Up 3.7%

NYSE OXY traded up $1.98 during trading hours on Wednesday, reaching $55.10. The company had a trading volume of 13,228,094 shares, compared to its average volume of 14,318,932. Occidental Petroleum has a 1-year low of $34.78 and a 1-year high of $56.34. The stock has a market capitalization of $54.34 billion, a P/E ratio of 34.19 and a beta of 0.34. The stock has a 50-day moving average of $46.59 and a 200 day moving average of $44.38. The company has a current ratio of 0.94, a quick ratio of 0.74 and a debt-to-equity ratio of 0.73.

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

Insider Activity

In related news, Director William R. Klesse bought 5,000 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, December 16th. The shares were purchased at an average price of $38.98 per share, with a total value of $194,900.00. Following the purchase, the director owned 218,913 shares in the company, valued at $8,533,228.74. This represents a 2.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.49% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently modified their holdings of the stock. DNB Asset Management AS raised its stake in shares of Occidental Petroleum by 100.3% during the third quarter. DNB Asset Management AS now owns 267,807 shares of the oil and gas producer’s stock valued at $12,654,000 after purchasing an additional 134,128 shares during the period. Swedbank AB purchased a new stake in Occidental Petroleum during the 3rd quarter worth $35,517,000. Gifford Fong Associates increased its position in shares of Occidental Petroleum by 41.2% in the 3rd quarter. Gifford Fong Associates now owns 171,429 shares of the oil and gas producer’s stock worth $8,100,000 after purchasing an additional 50,000 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $1,072,000. Finally, swisspartners Advisors Ltd lifted its position in shares of Occidental Petroleum by 19.6% during the third quarter. swisspartners Advisors Ltd now owns 157,070 shares of the oil and gas producer’s stock worth $7,441,000 after purchasing an additional 25,710 shares during the last quarter. 88.70% of the stock is 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.