Occidental Petroleum (OXY) Stock Rating Upgraded by Zacks Investment Research
Occidental Petroleum (NYSE:OXY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday. The firm presently has a $85.00 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.02% from the stock’s current price.
According to Zacks, “Occidental Petroleum’s shares have gained higher than the industry in the last six months. As Oil prices continue to improve, Occidental Petroleum will benefit from more oil production in the Permian Resources and from concentrating on high margin production region. The fundamental strength of the company will help it overcome the adverse impact from natural disasters. The company generates stable cash flow and its Chemical plant will further improve its cash flow. Occidental Petroleum, like other oil and natural gas companies, faces the risks of cost overruns and development interruptions due to delays in drilling and other approvals, property or border disputes and equipment failures.”
A number of other brokerages also recently weighed in on OXY. ValuEngine raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, December 1st. Credit Suisse Group began coverage on shares of Occidental Petroleum in a research note on Monday, December 11th. They issued a “neutral” rating and a $62.00 target price on the stock. Barclays raised their target price on shares of Occidental Petroleum from $45.00 to $47.00 and gave the company an “underweight” rating in a research note on Monday, November 20th. Mizuho reaffirmed a “hold” rating and issued a $64.00 target price on shares of Occidental Petroleum in a research note on Friday, November 3rd. Finally, Scotiabank reaffirmed a “hold” rating and issued a $64.00 target price on shares of Occidental Petroleum in a research note on Wednesday, November 22nd. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $67.00.
Shares of Occidental Petroleum (NYSE OXY) opened at $74.55 on Thursday. The firm has a market cap of $57,050.00, a P/E ratio of 105.00, a P/E/G ratio of 7.22 and a beta of 0.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 0.95. Occidental Petroleum has a one year low of $57.20 and a one year high of $75.11.
Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, November 1st. The oil and gas producer reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. The business had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.13 billion. Occidental Petroleum had a net margin of 4.33% and a return on equity of 1.31%. Occidental Petroleum’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period last year, the firm posted ($0.15) earnings per share. equities analysts anticipate that Occidental Petroleum will post 0.78 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of the company. Glassman Wealth Services grew its holdings in shares of Occidental Petroleum by 0.3% in the second quarter. Glassman Wealth Services now owns 2,474 shares of the oil and gas producer’s stock worth $148,000 after purchasing an additional 8 shares during the last quarter. Good Life Advisors LLC grew its holdings in shares of Occidental Petroleum by 0.8% in the second quarter. Good Life Advisors LLC now owns 7,401 shares of the oil and gas producer’s stock worth $436,000 after purchasing an additional 58 shares during the last quarter. AMG Funds LLC grew its holdings in shares of Occidental Petroleum by 0.5% in the second quarter. AMG Funds LLC now owns 25,547 shares of the oil and gas producer’s stock worth $1,529,000 after purchasing an additional 136 shares during the last quarter. Bank of Nova Scotia Trust Co. grew its holdings in shares of Occidental Petroleum by 6.0% in the second quarter. Bank of Nova Scotia Trust Co. now owns 4,734 shares of the oil and gas producer’s stock worth $283,000 after purchasing an additional 267 shares during the last quarter. Finally, Stellar Capital Management LLC grew its holdings in shares of Occidental Petroleum by 1.0% in the second quarter. Stellar Capital Management LLC now owns 26,568 shares of the oil and gas producer’s stock worth $1,591,000 after purchasing an additional 270 shares during the last quarter. Hedge funds and other institutional investors own 80.16% of the company’s stock.
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Occidental Petroleum Company Profile
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.
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