Occidental Petroleum Stock Price Expected to Rise, UBS Group Analyst Says

UBS Group recently increased its target price for Occidental Petroleum (NYSE:OXY) from $54.00 to $56.00. This adjustment was mentioned in a research note made public on Thursday. The firm has assigned a "neutral" rating to the company's stock. The new target price suggests an upside potential of approximately 8.54% based on the company’s current share price.

In addition to UBS, several other brokerages have offered their insights into Occidental Petroleum's performance. For instance, Stephens reiterated an "overweight" rating with a price target of $71.00 in their report published on Wednesday. Wolfe Research also increased their price target from $73.00 to $75.00, assigning a "buy" rating on Tuesday, November 12th. Conversely, the Goldman Sachs Group downgraded Occidental Petroleum from a "neutral" rating to a "sell" rating, lowering their price target from $54.00 to $45.00 as of January 31st. Additionally, Raymond James raised their target from $77.00 to $78.00, giving the stock a "strong-buy" rating, whereas Wells Fargo & Company reduced their target from $53.00 to $52.00 and maintained an "equal weight" rating. Overall, analysis shows the stock has received two sell ratings, thirteen hold ratings, six buy ratings, and one strong buy rating. The current consensus rating stands at "Hold" with an average price target of $61.90 according to MarketBeat.

Recent Price Trends of Occidental Petroleum

On Thursday, shares of Occidental Petroleum saw a modest increase, rising by $0.60 to reach a trading price of $51.59. The day experienced a trading volume of 1,511,689 shares, significantly below its average volume of 10,271,775. Investors should note the company's fifty-day moving average is at $49.06, while the two-hundred-day moving average is around $51.44. With a market capitalization of $48.41 billion, Occidental’s stock exhibits a P/E ratio of 21.06 and a beta of 1.55. Over the past year, the company’s share price has fluctuated, finding its lowest point at $45.17 and its highest at $71.18. Financial metrics indicate that the company has a current ratio of 1.00, a quick ratio of 0.76, and a debt-to-equity ratio of 0.96.

Insights on Earnings and Stock Movement

Occidental Petroleum recently announced its earnings results on February 18th. The company disclosed earnings of $0.80 per share, which surpassed analyst expectations of $0.67 by $0.13. The firm recorded a net margin of 11.37%, with a return on equity of 16.63%. In terms of revenue, Occidental reported $6.84 billion for the quarter, falling short of analyst estimates which had predicted $7.14 billion. Analysts project that Occidental Petroleum is likely to report earnings per share of 3.56 for the current fiscal year.

Stock Acquisition Trends

Recently, substantial movements in stock ownership have been noted. Notably, Berkshire Hathaway Inc., a major shareholder, acquired 3,614,015 shares of Occidental Petroleum on December 19th, paying an average of $45.60 per share for a total expenditure of roughly $164.8 million. After this acquisition, Berkshire’s total ownership rose to approximately 264,178,414 shares, valued at about $12.05 billion. This transaction was disclosed through a filing with the SEC. Moreover, in the past three months, insiders have purchased around 6,854,394 shares, totaling approximately $315.1 million. Currently, insiders hold only about 0.31% of the company’s stock.

Institutional Investor Movements

There have been notable shifts among institutional investors regarding their stakes in Occidental Petroleum. For example, Fortitude Family Office LLC reported a 160% increase in their holdings during the third quarter, now owning 494 shares worth about $25,000 after acquiring an additional 304 shares. Other institutions such as Altshuler Shaham Ltd and Whipplewood Advisors LLC also made new investments, valued between approximately $26,000 and $27,000. Currently, 88.70% of Occidental’s stock is owned by institutional investors, highlighting substantial institutional confidence in the company.

About Occidental Petroleum Corporation

Occidental Petroleum Corporation, along with its subsidiaries, is engaged in the exploration, acquisition, and development of oil and gas resources, primarily in the United States, the Middle East, and North Africa. The company operates through various segments such as Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment focuses on the exploration for and production of oil, as well as natural gas liquids and natural gas.

Occidental, Petroleum, UBS