Occidental Petroleum (NYSE:OXY) PT Set at $80.00 by Bank of America

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Occidental Petroleum (NYSE:OXY) has been given a $80.00 target price by equities researchers at Bank of America in a research note issued to investors on Wednesday, TipRanks reports. The firm currently has a “buy” rating on the oil and gas producer’s stock. Bank of America‘s price objective would indicate a potential upside of 75.05% from the company’s previous close.

Several other research analysts have also commented on OXY. TheStreet lowered Occidental Petroleum from a “b-” rating to a “c+” rating in a research report on Friday, May 24th. Raymond James set a $80.00 target price on Occidental Petroleum and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Barclays initiated coverage on Occidental Petroleum in a research report on Monday, August 19th. They issued an “equal weight” rating and a $61.00 target price for the company. Goldman Sachs Group assumed coverage on Occidental Petroleum in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $52.50 target price for the company. Finally, JPMorgan Chase & Co. assumed coverage on Occidental Petroleum in a research report on Tuesday, August 13th. They set an “underweight” rating and a $50.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $65.93.

Shares of OXY traded down $0.09 during mid-day trading on Wednesday, hitting $45.70. The stock had a trading volume of 7,919,535 shares, compared to its average volume of 8,392,815. The company has a market cap of $34.27 billion, a PE ratio of 9.12, a PEG ratio of 3.11 and a beta of 0.85. The company’s fifty day simple moving average is $45.41 and its two-hundred day simple moving average is $54.00. The company has a quick ratio of 1.00, a current ratio of 1.20 and a debt-to-equity ratio of 0.50. Occidental Petroleum has a fifty-two week low of $41.83 and a fifty-two week high of $83.35.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, topping the consensus estimate of $0.91 by $0.06. The company had revenue of $4.48 billion during the quarter, compared to analyst estimates of $4.39 billion. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The business’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.10 EPS. Equities analysts expect that Occidental Petroleum will post 2.9 earnings per share for the current year.

In other Occidental Petroleum news, insider Oscar K. Brown purchased 5,000 shares of Occidental Petroleum stock in a transaction on Friday, August 23rd. The stock was bought at an average price of $42.62 per share, for a total transaction of $213,100.00. Following the transaction, the insider now owns 114,519 shares of the company’s stock, valued at approximately $4,880,799.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bob Shearer purchased 15,000 shares of Occidental Petroleum stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $50.22 per share, with a total value of $753,300.00. Following the transaction, the director now directly owns 19,218 shares in the company, valued at approximately $965,127.96. The disclosure for this purchase can be found here. Insiders have acquired a total of 33,500 shares of company stock valued at $1,565,375 in the last quarter. 0.15% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in OXY. Cornerstone Advisors Inc. boosted its position in Occidental Petroleum by 110.9% during the 1st quarter. Cornerstone Advisors Inc. now owns 694 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 365 shares during the period. Stratos Wealth Partners LTD. raised its stake in shares of Occidental Petroleum by 10.5% in the 1st quarter. Stratos Wealth Partners LTD. now owns 4,381 shares of the oil and gas producer’s stock worth $290,000 after buying an additional 417 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Occidental Petroleum by 14.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 59,907 shares of the oil and gas producer’s stock worth $3,966,000 after buying an additional 7,426 shares in the last quarter. Barings LLC raised its stake in shares of Occidental Petroleum by 12.6% in the 1st quarter. Barings LLC now owns 50,678 shares of the oil and gas producer’s stock worth $3,356,000 after buying an additional 5,665 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. raised its stake in shares of Occidental Petroleum by 4.4% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 12,234 shares of the oil and gas producer’s stock worth $810,000 after buying an additional 518 shares in the last quarter. Institutional investors own 85.28% 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 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.

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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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