Mizuho Upgrades Occidental Petroleum (NYSE:OXY) to “Buy”

Occidental Petroleum (NYSE:OXY) was upgraded by analysts at Mizuho from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, Anlyst Ratings reports. The brokerage presently has a $26.00 price objective on the oil and gas producer’s stock, up from their previous price objective of $11.00. Mizuho’s price objective points to a potential upside of 16.44% from the company’s previous close.

Other research analysts have also issued reports about the stock. Bank of America lowered their target price on shares of Occidental Petroleum from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Monday, September 28th. MKM Partners lowered shares of Occidental Petroleum from a “buy” rating to a “neutral” rating in a research report on Monday, December 7th. Raymond James restated a “buy” rating on shares of Occidental Petroleum in a research report on Friday, September 18th. Zacks Investment Research upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating and set a $20.00 price target on the stock in a research report on Tuesday, December 15th. Finally, Morgan Stanley raised their price target on shares of Occidental Petroleum from $10.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Friday, December 11th. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $18.06.

NYSE:OXY opened at $22.33 on Tuesday. Occidental Petroleum has a 1 year low of $8.52 and a 1 year high of $47.58. The firm’s fifty day simple moving average is $18.42 and its 200 day simple moving average is $14.38. The company has a current ratio of 0.85, a quick ratio of 0.70 and a debt-to-equity ratio of 2.65. The firm has a market capitalization of $20.79 billion, a PE ratio of -1.57 and a beta of 1.87.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Saturday, November 14th. The oil and gas producer reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.12). Occidental Petroleum had a negative net margin of 54.47% and a negative return on equity of 8.97%. The firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same quarter in the previous year, the business posted $0.11 earnings per share. The business’s quarterly revenue was down 30.0% compared to the same quarter last year. As a group, analysts anticipate that Occidental Petroleum will post -3.41 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the stock. Treasurer of the State of North Carolina lifted its holdings in Occidental Petroleum by 0.3% during the 3rd quarter. Treasurer of the State of North Carolina now owns 349,436 shares of the oil and gas producer’s stock valued at $3,498,000 after purchasing an additional 1,050 shares during the last quarter. CX Institutional lifted its holdings in Occidental Petroleum by 93.9% during the 4th quarter. CX Institutional now owns 2,238 shares of the oil and gas producer’s stock valued at $39,000 after purchasing an additional 1,084 shares during the last quarter. Mraz Amerine & Associates Inc. lifted its holdings in Occidental Petroleum by 4.6% during the 3rd quarter. Mraz Amerine & Associates Inc. now owns 25,731 shares of the oil and gas producer’s stock valued at $258,000 after purchasing an additional 1,128 shares during the last quarter. Demars Financial Group LLC bought a new position in Occidental Petroleum during the 2nd quarter valued at about $26,000. Finally, Investors Asset Management of Georgia Inc. GA ADV lifted its holdings in Occidental Petroleum by 4.7% during the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 32,312 shares of the oil and gas producer’s stock valued at $323,000 after purchasing an additional 1,465 shares during the last quarter. 68.33% of the stock is owned by hedge funds and other institutional investors.

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 Latin America. The company operates through three segments: Oil and Gas, Chemical, and Marketing and Midstream.

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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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