JPMorgan Chase & Co. Reiterates “Neutral” Rating for Occidental Petroleum (NYSE:OXY)

Occidental Petroleum (NYSE:OXY)‘s stock had its “neutral” rating reaffirmed by equities research analysts at JPMorgan Chase & Co. in a research report issued on Friday, MarketBeat.com reports. They currently have a $56.00 price target on the oil and gas producer’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 10.83% from the company’s previous close.

A number of other equities analysts have also recently weighed in on OXY. The Goldman Sachs Group started coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target for the company. BMO Capital Markets lowered their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. Bank of America initiated coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target on the stock. Wells Fargo & Company decreased their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. Finally, Wolfe Research initiated coverage on Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $64.78.

Occidental Petroleum Stock Down 1.3 %

Shares of Occidental Petroleum stock opened at $50.53 on Friday. Occidental Petroleum has a twelve month low of $49.51 and a twelve month high of $71.18. The stock has a market cap of $45.76 billion, a price-to-earnings ratio of 12.45 and a beta of 1.58. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The company has a fifty day moving average price of $52.20 and a 200 day moving average price of $58.09.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.68 earnings per share. Equities research analysts forecast that Occidental Petroleum will post 3.29 earnings per share for the current fiscal year.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Himalaya Capital Management LLC bought a new position in Occidental Petroleum in the 2nd quarter valued at about $92,433,000. Clean Energy Transition LLP acquired a new position in shares of Occidental Petroleum during the first quarter valued at approximately $67,601,000. Sarasin & Partners LLP bought a new stake in Occidental Petroleum during the second quarter worth approximately $63,880,000. Scharf Investments LLC acquired a new stake in Occidental Petroleum in the second quarter worth approximately $42,744,000. Finally, American Century Companies Inc. increased its position in shares of Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after purchasing an additional 532,318 shares during the period. 88.70% of the stock is owned by 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 North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.