Occidental Petroleum (NYSE:OXY) Upgraded at TD Cowen

TD Cowen upgraded shares of Occidental Petroleum (NYSE:OXY) to a hold rating in a research note released on Monday,Zacks.com reports.

Other research analysts have also issued reports about the company. Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 target price on shares of Occidental Petroleum in a research report on Tuesday, November 25th. BMO Capital Markets dropped their price target on Occidental Petroleum from $50.00 to $48.00 and set a “market perform” rating for the company in a research note on Monday, January 12th. Morgan Stanley reduced their price objective on Occidental Petroleum from $51.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. The Goldman Sachs Group dropped their target price on shares of Occidental Petroleum from $43.00 to $41.00 and set a “sell” rating for the company in a research report on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Sunday, January 11th. Seven research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $47.48.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $47.26 on Monday. The company has a market cap of $46.56 billion, a P/E ratio of 34.75 and a beta of 0.41. The business has a fifty day simple moving average of $42.63 and a 200-day simple moving average of $43.46. Occidental Petroleum has a 52 week low of $34.78 and a 52 week high of $52.58. The company has a quick ratio of 0.71, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Monday, November 10th. The oil and gas producer reported $0.64 EPS for the quarter, beating the consensus estimate of $0.48 by $0.16. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6.66 billion. Occidental Petroleum had a return on equity of 12.35% and a net margin of 7.81%.The firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.00 EPS. Equities research analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Insider Activity

In other news, Director William R. Klesse bought 5,000 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was acquired at an average cost of $38.98 per share, for a total transaction of $194,900.00. Following the completion of the purchase, the director owned 218,913 shares of the company’s stock, valued at $8,533,228.74. This trade represents a 2.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently added to or reduced their stakes in OXY. University of Texas Texas AM Investment Management Co. bought a new position in Occidental Petroleum during the second quarter worth $27,000. City Holding Co. boosted its holdings in shares of Occidental Petroleum by 250.0% in the 3rd quarter. City Holding Co. now owns 700 shares of the oil and gas producer’s stock valued at $33,000 after buying an additional 500 shares during the period. Activest Wealth Management boosted its holdings in shares of Occidental Petroleum by 68.5% in the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 305 shares during the period. Binnacle Investments Inc acquired a new stake in Occidental Petroleum during the third quarter worth about $35,000. Finally, GoalVest Advisory LLC bought a new position in Occidental Petroleum in the third quarter worth about $38,000. Institutional investors and hedge funds 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.