Occidental Petroleum (OXY) Stock Rating Upgraded by Evercore ISI

Occidental Petroleum (NYSE:OXY) was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The firm presently has a $88.00 price objective on the oil and gas producer’s stock. Evercore ISI’s price target indicates a potential upside of 21.16% from the company’s previous close.

A number of other research firms have also recently issued reports on OXY. Morgan Stanley assumed coverage on shares of Occidental Petroleum in a research note on Thursday, July 12th. They issued an “overweight” rating and a $100.00 target price for the company. Mizuho reiterated a “buy” rating on shares of Occidental Petroleum in a research note on Tuesday, July 24th. Piper Jaffray Companies assumed coverage on shares of Occidental Petroleum in a research note on Friday, September 28th. They issued an “overweight” rating for the company. ValuEngine cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. Finally, Zacks Investment Research upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Wednesday, October 10th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $84.00.

NYSE OXY opened at $72.63 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $55.37 billion, a price-to-earnings ratio of 81.61, a price-to-earnings-growth ratio of 2.01 and a beta of 0.80. Occidental Petroleum has a 12-month low of $62.47 and a 12-month high of $87.67.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.26. The firm had revenue of $6.18 billion during the quarter, compared to analysts’ expectations of $4.60 billion. Occidental Petroleum had a net margin of 22.19% and a return on equity of 15.43%. The company’s revenue was up 98.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share. As a group, analysts anticipate that Occidental Petroleum will post 5.12 EPS for the current fiscal year.

In other news, Director William R. Klesse acquired 5,000 shares of Occidental Petroleum stock in a transaction dated Monday, August 13th. The stock was acquired at an average cost of $78.55 per share, for a total transaction of $392,750.00. Following the completion of the purchase, the director now owns 77,963 shares of the company’s stock, valued at $6,123,993.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of OXY. Jupiter Asset Management Ltd. raised its stake in Occidental Petroleum by 1.8% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 74,308 shares of the oil and gas producer’s stock valued at $6,032,000 after purchasing an additional 1,301 shares during the last quarter. Janus Henderson Group PLC raised its stake in Occidental Petroleum by 50.0% during the 3rd quarter. Janus Henderson Group PLC now owns 2,159,883 shares of the oil and gas producer’s stock valued at $177,469,000 after purchasing an additional 719,838 shares during the last quarter. Beacon Investment Advisory Services Inc. raised its stake in Occidental Petroleum by 2.6% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 35,591 shares of the oil and gas producer’s stock valued at $2,924,000 after purchasing an additional 903 shares during the last quarter. Artemis Investment Management LLP raised its stake in Occidental Petroleum by 59.4% during the 3rd quarter. Artemis Investment Management LLP now owns 228,103 shares of the oil and gas producer’s stock valued at $18,740,000 after purchasing an additional 84,989 shares during the last quarter. Finally, Tortoise Capital Advisors L.L.C. raised its stake in Occidental Petroleum by 355.9% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 190,297 shares of the oil and gas producer’s stock valued at $15,637,000 after purchasing an additional 148,557 shares during the last quarter. Institutional investors and hedge funds own 80.95% of the company’s stock.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

See Also: Investing strategies using the yield curve

Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

Receive News & Ratings for Occidental Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Occidental Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply