Occidental Petroleum (NYSE:OXY) Given New $74.00 Price Target at Morgan Stanley

Occidental Petroleum (NYSE:OXY – Get Rating) had its price objective lifted by investment analysts at Morgan Stanley from $73.00 to $74.00 in a report issued on Tuesday, Stock Target Advisor reports. The firm presently has an “equal weight” rating on the oil and gas producer’s stock. Morgan Stanley’s price objective suggests a potential upside of 26.63% from the company’s previous close.

OXY has been the subject of a number of other reports. Raymond James upped their price objective on shares of Occidental Petroleum from $85.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Monday, April 25th. Capital One Financial upped their price objective on shares of Occidental Petroleum to $85.00 and gave the company an “overweight” rating in a research note on Thursday, May 19th. Societe Generale set a $81.00 target price on Occidental Petroleum in a report on Monday. Bank of America downgraded Occidental Petroleum from a “buy” rating to a “neutral” rating and upped their target price for the company from $65.00 to $80.00 in a report on Tuesday, March 8th. Finally, Truist Financial upped their target price on Occidental Petroleum from $78.00 to $86.00 in a report on Thursday, April 21st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $69.00.

OXY traded up $2.76 on Tuesday, reaching $58.44. The company had a trading volume of 368,344 shares, compared to its average volume of 27,172,314. The company has a fifty day moving average of $62.47 and a 200-day moving average of $49.05. The company has a market capitalization of $54.77 billion, a P/E ratio of 8.88, a PEG ratio of 0.17 and a beta of 1.92. The company has a current ratio of 1.16, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. Occidental Petroleum has a one year low of $21.62 and a one year high of $74.04.

Occidental Petroleum (NYSE:OXY – Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The oil and gas producer reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.09. Occidental Petroleum had a net margin of 25.01% and a return on equity of 47.28%. The company had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the company earned ($0.15) EPS. Occidental Petroleum’s revenue was up 61.2% on a year-over-year basis. Research analysts predict that Occidental Petroleum will post 10.36 EPS for the current year.

In other Occidental Petroleum news, CEO Vicki A. Hollub bought 14,191 shares of the stock in a transaction dated Monday, March 28th. The stock was bought at an average cost of $56.24 per share, for a total transaction of $798,101.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Christopher O. Champion sold 111,594 shares of the firm’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $70.44, for a total value of $7,860,681.36. Following the completion of the sale, the chief accounting officer now owns 38,303 shares of the company’s stock, valued at $2,698,063.32. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 6,783,083 shares of company stock valued at $387,503,934. Company insiders own 0.31% of the company’s stock.

A number of hedge funds have recently made changes to their positions in OXY. Wellington Management Group LLP increased its position in Occidental Petroleum by 23.7% in the third quarter. Wellington Management Group LLP now owns 4,967,775 shares of the oil and gas producer’s stock worth $146,946,000 after purchasing an additional 951,989 shares during the period. Verition Fund Management LLC bought a new position in Occidental Petroleum during the third quarter worth about $472,000. Two Sigma Advisers LP boosted its holdings in Occidental Petroleum by 11.8% during the third quarter. Two Sigma Advisers LP now owns 359,244 shares of the oil and gas producer’s stock worth $10,626,000 after buying an additional 37,943 shares during the last quarter. Cetera Advisors LLC boosted its holdings in Occidental Petroleum by 5.3% during the third quarter. Cetera Advisors LLC now owns 27,790 shares of the oil and gas producer’s stock worth $822,000 after buying an additional 1,403 shares during the last quarter. Finally, Easterly Investment Partners LLC bought a new position in Occidental Petroleum during the third quarter worth about $887,000. Hedge funds and other institutional investors own 86.15% of the company’s stock.

About Occidental Petroleum (Get Rating)

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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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