UBS Group Forecasts Strong Price Appreciation for Occidental Petroleum (NYSE:OXY) Stock

Occidental Petroleum (NYSE:OXY - Get Free Report) had its target price lifted by research analysts at UBS Group from $54.00 to $56.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the oil and gas producer's stock. UBS Group's price target suggests a potential upside of 11.08% from the company's previous close.

Several other analysts have also commented on the stock. Wells Fargo & Company cut their target price on shares of Occidental Petroleum from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Thursday. Wolfe Research upped their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Piper Sandler reduced their price target on shares of Occidental Petroleum from $57.00 to $51.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. Mizuho reduced their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a "neutral" rating for the company in a research report on Monday, December 16th. Finally, Jefferies Financial Group upped their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a "hold" rating in a research report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $61.90.

Occidental Petroleum Price Performance

OXY stock traded down $1.68 on Thursday, hitting $50.42. 13,869,302 shares of the company's stock traded hands, compared to its average volume of 10,758,816. Occidental Petroleum has a 1-year low of $45.17 and a 1-year high of $71.18. The stock has a market cap of $47.31 billion, a price-to-earnings ratio of 20.66 and a beta of 1.55. The stock has a fifty day moving average of $49.14 and a 200-day moving average of $51.45. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, beating the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business had revenue of $6.84 billion during the quarter, compared to analyst estimates of $7.14 billion. On average, analysts forecast that Occidental Petroleum will post 3.56 EPS for the current fiscal year.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were acquired at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the purchase, the insider now owns 264,941,431 shares of the company's stock, valued at $12,404,557,799.42. This represents a 0.29 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have bought 6,854,394 shares of company stock worth $315,101,532. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Certified Advisory Corp acquired a new position in Occidental Petroleum in the 4th quarter valued at $476,000. Rule One Partners LLC bought a new stake in Occidental Petroleum in the 3rd quarter valued at $14,199,000. Stephens Inc. AR boosted its holdings in Occidental Petroleum by 221.0% in the 3rd quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer's stock valued at $777,000 after purchasing an additional 10,382 shares during the period. Sarasin & Partners LLP boosted its holdings in Occidental Petroleum by 5.4% in the 4th quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer's stock valued at $48,942,000 after purchasing an additional 50,983 shares during the period. Finally, Weiss Asset Management LP bought a new stake in Occidental Petroleum in the 3rd quarter valued at $2,509,000. 88.70% of the stock is currently 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.