Occidental Petroleum (NYSE:OXY) Stock Price Expected to Rise, UBS Group Analyst Says

Occidental Petroleum (NYSE:OXY) had its price objective lifted by research analysts at UBS Group from $54.00 to $56.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. UBS Group’s price objective would suggest a potential upside of 11.08% from the company’s previous close.

A number of other research firms also recently weighed in on OXY. Truist Financial increased their price target on Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Citigroup cut their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 26th. The Goldman Sachs Group downgraded Occidental Petroleum from a “neutral” rating to a “sell” rating and cut their price target for the company from $54.00 to $45.00 in a research note on Friday, January 31st. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.00 price target on shares of Occidental Petroleum in a research note on Friday, November 8th. Finally, TD Cowen cut their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and an average target price of $61.90.

Occidental Petroleum Stock Down 3.2 %

NYSE OXY opened at $50.42 on Thursday. The firm has a market cap of $47.31 billion, a PE ratio of 20.66 and a beta of 1.55. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.76. The stock’s 50 day simple moving average is $49.20 and its 200 day simple moving average is $51.41. Occidental Petroleum has a one year low of $45.17 and a one year high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.13. The firm had revenue of $6.84 billion for the quarter, compared to analyst estimates of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. As a group, sell-side analysts forecast that Occidental Petroleum will post 3.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the company’s stock in a transaction on Thursday, December 19th. The shares were purchased at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the purchase, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have bought 6,854,394 shares of company stock valued at $315,101,532 in the last 90 days. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC grew its holdings in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 304 shares in the last quarter. Altshuler Shaham Ltd bought a new position in shares of Occidental Petroleum in the 4th quarter valued at about $26,000. VSM Wealth Advisory LLC bought a new position in shares of Occidental Petroleum in the 4th quarter valued at about $27,000. Whipplewood Advisors LLC bought a new position in shares of Occidental Petroleum in the 4th quarter valued at about $27,000. Finally, Mizuho Securities Co. Ltd. bought a new position in shares of Occidental Petroleum in the 3rd quarter valued at about $32,000. Institutional investors own 88.70% of the company’s stock.

About Occidental Petroleum

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.