Occidental Petroleum (OXY) Receives a Hold from Morgan Stanley

In a report released today, Devin McDermott from Morgan Stanley maintained a Hold rating on Occidental Petroleum (OXYResearch Report), with a price target of $73.00. The company’s shares closed last Monday at $69.52, close to its 52-week high of $74.04.

According to, McDermott is a 5-star analyst with an average return of 15.7% and a 59.2% success rate. McDermott covers the Utilities sector, focusing on stocks such as Excelerate Energy, Inc. Class A, Continental Resources, and Southwestern Energy.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Occidental Petroleum with a $71.61 average price target.

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Based on Occidental Petroleum’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $8.35 billion and net profit of $4.88 billion. In comparison, last year the company earned revenue of $5.29 billion and had a GAAP net loss of $146 million.

Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of OXY in relation to earlier this year.

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Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls. The Midstream and Marketing segment purchases, markets, gathers, processes, transports and stores oil, condensate, natural gas liquids, natural gas, carbon dioxide, and power. The company was founded in 1920 and is headquartered in Houston, TX.

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