Truist Financial Boosts Occidental Petroleum (NYSE:OXY) Price Target to $86.00

Occidental Petroleum (NYSE:OXYGet Rating) had its target price lifted by equities researchers at Truist Financial from $78.00 to $86.00 in a research report issued on Thursday, The Fly reports. Truist Financial’s target price suggests a potential upside of 51.89% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. Barclays upped their target price on Occidental Petroleum from $44.00 to $69.00 in a research report on Friday, March 18th. Susquehanna Bancshares upped their price target on Occidental Petroleum from $46.00 to $52.00 in a report on Tuesday, March 1st. Susquehanna upped their price target on Occidental Petroleum from $46.00 to $52.00 in a report on Tuesday, March 1st. Piper Sandler upgraded Occidental Petroleum from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $44.00 to $88.00 in a report on Thursday, April 7th. Finally, Wells Fargo & Company upped their price target on Occidental Petroleum from $33.00 to $51.00 and gave the stock an “underweight” rating in a report on Friday, March 11th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $59.16.

Shares of Occidental Petroleum stock opened at $56.62 on Thursday. The stock has a market capitalization of $53.05 billion, a P/E ratio of 36.30, a PEG ratio of 0.22 and a beta of 2.06. The company has a quick ratio of 1.00, a current ratio of 1.23 and a debt-to-equity ratio of 2.79. The stock has a 50 day moving average price of $53.58 and a two-hundred day moving average price of $40.20. Occidental Petroleum has a 12-month low of $21.62 and a 12-month high of $63.56.

Occidental Petroleum (NYSE:OXYGet Rating) last announced its earnings results on Thursday, February 24th. The oil and gas producer reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.40. The firm had revenue of $7.91 billion during the quarter, compared to analysts’ expectations of $7.39 billion. Occidental Petroleum had a return on equity of 31.13% and a net margin of 8.82%. The company’s revenue was up 136.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.78) earnings per share. Sell-side analysts anticipate that Occidental Petroleum will post 8.08 earnings per share for the current year.

In other news, Director Avedick Baruyr Poladian sold 20,000 shares of the stock in a transaction on Friday, March 11th. The stock was sold at an average price of $57.23, for a total transaction of $1,144,600.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vicki A. Hollub bought 14,191 shares of the firm’s stock in a transaction dated Monday, March 28th. The shares were acquired at an average price of $56.24 per share, for a total transaction of $798,101.84. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. Exchange Traded Concepts LLC bought a new position in Occidental Petroleum in the fourth quarter valued at about $25,000. Moors & Cabot Inc. boosted its holdings in Occidental Petroleum by 91.6% in the third quarter. Moors & Cabot Inc. now owns 25,000 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 11,955 shares during the last quarter. Richwood Investment Advisors LLC bought a new position in Occidental Petroleum in the fourth quarter valued at about $27,000. Arlington Partners LLC bought a new position in Occidental Petroleum in the fourth quarter valued at about $29,000. Finally, Trust Co. of Vermont bought a new position in Occidental Petroleum in the fourth quarter valued at about $41,000. Institutional investors and hedge funds own 72.01% 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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