Does Occidental Petroleum (NYSE:OXY) Look Attractive Now? Morgan Stanley Initiates Coverage

July 12, 2018 - By Mona Holcomb

Occidental Petroleum Corporation (NYSE:OXY) Logo

Investors sentiment increased to 0.99 in 2018 Q1. Its up 0.06, from 0.93 in 2017Q4. It is positive, as 65 investors sold Occidental Petroleum Corporation shares while 335 reduced holdings. 114 funds opened positions while 280 raised stakes. 604.35 million shares or 1.45% less from 613.25 million shares in 2017Q4 were reported.

Baldwin Brothers Incorporated Ma has invested 0% in Occidental Petroleum Corporation (NYSE:OXY). Northwestern Mutual Wealth Mngmt owns 13,639 shares for 0.01% of their portfolio. Checchi Cap Advisers Limited reported 0.05% in Occidental Petroleum Corporation (NYSE:OXY). Quantitative Systematic Strategies Ltd Liability Corporation holds 5,109 shares. Moneta Gru Invest Advsrs Ltd Co has 3,295 shares. Moreover, Cadence Capital Management has 0.33% invested in Occidental Petroleum Corporation (NYSE:OXY) for 77,818 shares. Sun Life Financial Inc has invested 0% of its portfolio in Occidental Petroleum Corporation (NYSE:OXY). Acadian Asset Mngmt Ltd Liability Com reported 0.01% of its portfolio in Occidental Petroleum Corporation (NYSE:OXY). 12.07 million were reported by Wellington Management Group Inc Limited Liability Partnership. Holt Ltd Llc Dba Holt Prtnrs Lp invested in 0.32% or 15,830 shares. Boyd Watterson Asset Mngmt Limited Company Oh holds 7,221 shares. Moreover, Sumitomo Mitsui Incorporated has 0.19% invested in Occidental Petroleum Corporation (NYSE:OXY). Moreover, Guinness Atkinson Asset Mgmt has 0.59% invested in Occidental Petroleum Corporation (NYSE:OXY) for 14,900 shares. Merriman Wealth Mgmt Limited Company holds 0.53% of its portfolio in Occidental Petroleum Corporation (NYSE:OXY) for 30,689 shares. Capital Advisers Lc holds 261,032 shares or 0.13% of its portfolio.

Why Has Morgan Stanley Given Occidental Petroleum (NYSE:OXY) a $100 Price Target

The broker Morgan Stanley has today has started coverage on Occidental Petroleum (NYSE:OXY) shares, with a “Overweight” rating, while giving it the target at $100.

Occidental Petroleum Corporation (NYSE:OXY) Ratings Coverage

Among 16 analysts covering Occidental Petroleum (NYSE:OXY), 9 have Buy rating, 0 Sell and 7 Hold. Therefore 56% are positive. Occidental Petroleum has $102 highest and $71 lowest target. $85.09’s average target is 1.38% above currents $83.93 stock price. Occidental Petroleum had 20 analyst reports since January 16, 2018 according to SRatingsIntel. The firm has “Overweight” rating given on Monday, April 16 by PiperJaffray. The rating was maintained by Piper Jaffray with “Hold” on Tuesday, January 23. Citigroup upgraded the shares of OXY in report on Tuesday, June 5 to “Buy” rating. JP Morgan maintained the stock with “Neutral” rating in Thursday, February 15 report. The company was upgraded on Thursday, May 10 by Bank of America. Credit Suisse maintained the stock with “Neutral” rating in Wednesday, May 9 report. The firm has “Buy” rating by Deutsche Bank given on Friday, March 23. Scotia Capital upgraded the shares of OXY in report on Monday, May 21 to “Outperform” rating. The firm has “Buy” rating by Goldman Sachs given on Thursday, April 12. The stock has “Buy” rating by Cowen & Co on Thursday, January 18.

The stock decreased 2.07% or $1.77 during the last trading session, reaching $83.93. About 5.11M shares traded or 6.64% up from the average. Occidental Petroleum Corporation (NYSE:OXY) has risen 35.73% since July 12, 2017 and is uptrending. It has outperformed by 23.16% the S&P500.

Analysts await Occidental Petroleum Corporation (NYSE:OXY) to report earnings on August, 1. They expect $1.20 EPS, up 700.00 % or $1.05 from last year’s $0.15 per share. OXY’s profit will be $918.92 million for 17.49 P/E if the $1.20 EPS becomes a reality. After $0.92 actual EPS reported by Occidental Petroleum Corporation for the previous quarter, Wall Street now forecasts 30.43 % EPS growth.

Occidental Petroleum Corporation engages in the acquisition, exploration, and development of gas and oil properties in the United States and internationally. The company has market cap of $64.27 billion. The firm operates in three divisions: Oil and Gas, Chemical, and Midstream and Marketing. It has a 33.98 P/E ratio. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids , and natural gas.

More recent Occidental Petroleum Corporation (NYSE:OXY) news were published by: Bizjournals.com which released: “Despite steady deal flow, Houston office vacancy creeps up” on July 10, 2018. Also Bizjournals.com published the news titled: “Occidental Petroleum putting Greenway Plaza space up for sublease, to move west” on July 09, 2018. Bizjournals.com‘s news article titled: “Houston energy company’s COO resigns for new job” with publication date: July 11, 2018 was also an interesting one.

Occidental Petroleum Corporation (NYSE:OXY) Institutional Positions Chart

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