Occidental Petroleum (NYSE:OXY) Now Covered by Piper Sandler

Equities research analysts at Piper Sandler initiated coverage on shares of Occidental Petroleum (NYSE:OXY) in a research note issued to investors on Tuesday. The firm set a “neutral” rating and a $94.00 price target on the oil and gas producer’s stock. Piper Sandler‘s target price would indicate a potential upside of 46.71% from the company’s current price.

Several other research firms have also recently weighed in on OXY. The Goldman Sachs Group upgraded Occidental Petroleum from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $63.00 to $69.00 in a report on Thursday, October 1st. Evercore raised shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price objective for the company in a research report on Wednesday, July 8th. Morgan Stanley raised their price objective on shares of Occidental Petroleum from $69.00 to $71.00 and gave the stock an “equal weight” rating in a report on Thursday, October 15th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $68.00 price objective on shares of Occidental Petroleum in a research report on Wednesday, October 14th. Finally, Truist Financial boosted their price objective on shares of Occidental Petroleum from $63.00 to $64.00 and gave the company a “hold” rating in a research report on Thursday, October 15th. Twelve analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $68.62.

Occidental Petroleum Trading Down 0.2%

OXY opened at $64.07 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The company has a market cap of $64.05 billion, a price-to-earnings ratio of 9.92, a price-to-earnings-growth ratio of 0.74 and a beta of 0.24. The firm has a 50 day simple moving average of $59.83 and a 200 day simple moving average of $55.39. Occidental Petroleum has a fifty-two week low of $38.80 and a fifty-two week high of $67.45.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the previous year, the business earned $0.39 EPS. The business’s quarterly revenue was up 53.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Occidental Petroleum will post 6.84 earnings per share for the current year.

Institutional Investors Weigh In On Occidental Petroleum

Large investors have recently added to or reduced their stakes in the stock. Axiom Investment Management LLC bought a new position in shares of Occidental Petroleum in the first quarter worth $25,000. GKV Capital Management Co. Inc. bought a new stake in Occidental Petroleum during the first quarter worth about $26,000. Hara Capital LLC bought a new stake in Occidental Petroleum during the second quarter worth about $25,000. Ballast Advisors LLC acquired a new stake in Occidental Petroleum during the first quarter worth about $39,000. Finally, Fiduciary Financial Advisors acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company’s OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.