Jefferies Remains a Hold on Occidental Petroleum

By Jason Carr

In a report released yesterday, Christopher Sighinolfi from Jefferies reiterated a Hold rating on Occidental Petroleum (NYSE: OXY), with a price target of $64. The company’s shares opened today at $60.23, close to its 52-week low of $57.20.

According to, Sighinolfi is a 5-star analyst with an average return of 9.9% and a 59.2% success rate. Sighinolfi covers the Basic Materials sector, focusing on stocks such as Energy Transfer Partners LP, Dcp Midstream Partners Lp, and National Fuel Gas Company.

Currently, the analyst consensus on Occidental Petroleum is Hold and the average price target is $67.57, representing a 12.2% upside.

In a report issued on June 19, Scotiabank also maintained a Hold rating on the stock with a $67 price target.

Based on Occidental Petroleum’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $2.95 billion and quarterly net profit of $117 million. In comparison, last year the company earned revenue of $2.14 billion and had a net profit of $78 million.

Based on the recent corporate insider activity of 82 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. Most recently, in March 2017, Vicki Hollub, the Senior EVP & Pres-Oxy Oil&Gas of OXY bought 15,000 shares for a total of $940,800.

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Occidental Petroleum Corp. operates as an international oil and gas exploration company. 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 gathers processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide and power. It also trades around its assets, including transportation and storage capacity. The company was founded in 1920 and is headquartered in Houston, TX.,000SSF-E