Occidental Petroleum (NYSE:OXY) Price Target Cut to $68.00 by Analysts at Morgan Stanley

Occidental Petroleum (NYSE:OXY) had its price target lowered by stock analysts at Morgan Stanley from $74.00 to $68.00 in a report issued on Friday,MarketScreener reports. Morgan Stanley’s target price suggests a potential upside of 36.19% from the company’s previous close.

OXY has been the subject of several other reports. Truist Financial dropped their price objective on Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Roth Mkm upped their target price on shares of Occidental Petroleum from $45.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. HSBC increased their target price on shares of Occidental Petroleum from $59.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. Weiss Ratings downgraded shares of Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Finally, Stephens boosted their price target on shares of Occidental Petroleum from $59.00 to $74.00 and gave the company an “overweight” rating in a research report on Tuesday, March 31st. Nine research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $63.48.

Occidental Petroleum Trading Down 2.5%

OXY stock opened at $49.93 on Friday. Occidental Petroleum has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49. The business’s 50 day moving average is $56.36 and its 200-day moving average is $51.78. The firm has a market cap of $49.66 billion, a P/E ratio of 12.58 and a beta of 0.14.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping the consensus estimate of $0.60 by $0.46. The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.Occidental Petroleum’s revenue was down 8.3% on a year-over-year basis. During the same quarter last year, the company earned $0.14 EPS. Equities analysts anticipate that Occidental Petroleum will post 5.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional 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 about $25,000. GKV Capital Management Co. Inc. bought a new stake in shares of Occidental Petroleum during the first quarter valued at approximately $26,000. Portus Wealth Advisors LLC acquired a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $29,000. Ballast Advisors LLC acquired a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $39,000. Finally, Whipplewood Advisors LLC bought a new position in Occidental Petroleum in the 1st quarter worth approximately $42,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.