Occidental Petroleum (NYSE:OXY) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Occidental Petroleum (NYSE:OXY) had its price target upped by investment analysts at Jefferies Financial Group from $53.00 to $54.00 in a research report issued to clients and investors on Tuesday. The brokerage presently has a “hold” rating on the oil and gas producer’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 6.74% from the stock’s previous close.

Several other research firms have also recently weighed in on OXY. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. TD Cowen dropped their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday. Barclays decreased their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a research note on Friday. Finally, UBS Group lowered their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $64.55.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock traded down $0.22 during trading on Tuesday, hitting $50.59. 6,651,071 shares of the stock were exchanged, compared to its average volume of 9,241,566. The company has a fifty day moving average price of $52.07 and a 200-day moving average price of $57.84. The stock has a market capitalization of $45.82 billion, a price-to-earnings ratio of 12.46 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. Occidental Petroleum has a 1-year low of $49.51 and a 1-year high of $71.18.

Insider Activity

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently made changes to their positions in OXY. Fortitude Family Office LLC raised its position in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new stake in Occidental Petroleum in the third quarter worth approximately $32,000. New Covenant Trust Company N.A. acquired a new position in Occidental Petroleum in the first quarter valued at approximately $44,000. LRI Investments LLC bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $44,000. Finally, Strategic Financial Concepts LLC acquired a new stake in shares of Occidental Petroleum during the 2nd quarter worth approximately $53,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.