Occidental Petroleum Corporation (NYSE:OXY): Analyst Views in Focus

Zooming in on shares of Occidental Petroleum Corporation (NYSE:OXY), we note that the average target price is presently $54.73. This is the consensus target based on projections provided by the covering analysts polled. Wall Street analysts have the ability to provide price target predictions for stocks that they cover.  Price target estimates can be calculated using various methods.  Many investors will track stock target prices, especially when analysts make changes to the projections. A good research report will generally give detailed reasoning for a specific target price estimate. Some investors may follow analyst targets very closely and use the information to complement their own stock research.

Investors may be trying to decide if stocks will make new highs before the year is out, and whether or not the bull market will celebrate its 9th anniversary next year. The tricky part is prognosticating the short term picture. Investors may not be comfortable enough to go all in, but they may not want to get bearish given the solid economic backdrop. Will there be a big breakout given the strength of earnings and economic growth? Will investors just become numb to the headlines and decide to focus on the positive economic picture? It is always wise to remember that the market can have a correction at any time for any reason. If the political landscape gets even more dysfunctional, then it may be enough of a driver to spur a correction. 

Checking in on stock price activity for Occidental Petroleum Corporation (NYSE:OXY), we have recently seen shares trading near the $39.58 mark. Investors will often track the current stock price in relation to its 52-week high and low levels. The 52-week high is currently $72.08, and the 52-week low is presently $37.76. When the current stock price is trading close to either the 52-week high or 52-week low, investors may pay closer attention to see if there will be a breakthrough that level. Over the past 12 weeks, the stock has seen a change of -8.74%. Going back to the start of the calendar year, we can see that shares have moved -35.52%. Pulling the focus closer to the past 4 weeks, shares have seen a change of -6.41%. Over the past 5 trading days, the stock has moved 4.82%.

Taking a quick look at analyst opinions, we can see that the current average broker recommendation on shares of Occidental Petroleum Corporation (NYSE:OXY) is presently 2.9. Out of the covering analysts polled by Zacks Research, 4 have put a Strong Buy or Buy rating on the stock. 

As earnings season comes into focus, investors will be closely tracking sell-side estimates. According to analysts polled by Zacks Research, the current quarter EPS consensus estimate is currently sitting at 0.18 for shares of Occidental Petroleum Corporation (NYSE:OXY). The number consists of estimates provided by 9 contributing analysts. For the last reporting period, the company posted a quarterly EPS of 0.11. The consensus estimate for last quarter before the earnings report was 0.41. Looking out further to the next quarter EPS estimate, the consensus is currently resting at 0.24. This consensus estimate includes 7 analysts taken into consideration by Zacks. Shifting the focus to the current fiscal year EPS estimate, the number is currently 4.91. Widening the gaze to the next fiscal year, we can see that the consensus EPS estimate is presently 1.8.

Investors might have been ready to throw in the towel as the rally stalled recently. However, the panic subsided and growth-hungry investors came searching for their favorite stocks in the wreckage. Keeping things in perspective, the economy seems good, and so does earnings growth. Investors may be wondering where the money will be flowing in the second half of the year. Many people may assume healthcare and tech would be the easy targets, primarily because that’s where the earnings growth is. Industrials and staples are no slouches for growth either, but they may be well fully-valued for their growth. Traders will most likely be honing their strategies that they created, trying to beat the market over the next couple of months. 

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