Occidental Petroleum (OXY) Given Buy Rating at Argus

Occidental Petroleum (NYSE:OXY)‘s stock had its “buy” rating reiterated by equities research analysts at Argus in a research note issued to investors on Monday. They currently have a $97.00 price objective on the oil and gas producer’s stock. Argus’ price objective would indicate a potential upside of 38.91% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Evercore ISI raised Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $88.00 target price on the stock in a research note on Wednesday, November 7th. JPMorgan Chase & Co. decreased their target price on Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Friday, August 10th. Barclays assumed coverage on Occidental Petroleum in a report on Monday, November 12th. They set an “overweight” rating and a $84.00 price target for the company. Mitsubishi UFJ Financial Group cut their price target on Occidental Petroleum to $92.00 and set a “neutral” rating for the company in a report on Tuesday, October 16th. Finally, National Alliance Securities upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Monday, August 13th. Eight research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Occidental Petroleum currently has a consensus rating of “Buy” and a consensus target price of $88.29.

Shares of OXY opened at $69.83 on Monday. The company has a market cap of $52.72 billion, a P/E ratio of 78.46, a price-to-earnings-growth ratio of 2.25 and a beta of 0.80. Occidental Petroleum has a 12-month low of $62.47 and a 12-month high of $87.67. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.21 and a current ratio of 1.33.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.26. The company had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $4.60 billion. Occidental Petroleum had a return on equity of 15.43% and a net margin of 22.19%. The firm’s quarterly revenue was up 98.9% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. On average, equities analysts expect that Occidental Petroleum will post 5.17 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Occidental Petroleum by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 62,477,713 shares of the oil and gas producer’s stock worth $5,133,793,000 after purchasing an additional 1,370,841 shares during the period. BlackRock Inc. boosted its holdings in shares of Occidental Petroleum by 3.4% in the 3rd quarter. BlackRock Inc. now owns 52,574,756 shares of the oil and gas producer’s stock worth $4,320,067,000 after purchasing an additional 1,732,733 shares during the period. Capital World Investors boosted its holdings in shares of Occidental Petroleum by 9.6% in the 3rd quarter. Capital World Investors now owns 23,423,802 shares of the oil and gas producer’s stock worth $1,924,734,000 after purchasing an additional 2,056,863 shares during the period. Dodge & Cox boosted its holdings in shares of Occidental Petroleum by 58.7% in the 3rd quarter. Dodge & Cox now owns 9,887,895 shares of the oil and gas producer’s stock worth $812,488,000 after purchasing an additional 3,656,670 shares during the period. Finally, Macquarie Group Ltd. boosted its holdings in shares of Occidental Petroleum by 3.0% in the 3rd quarter. Macquarie Group Ltd. now owns 9,401,875 shares of the oil and gas producer’s stock worth $772,552,000 after purchasing an additional 276,026 shares during the period. Institutional investors and hedge funds own 81.53% 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.

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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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