Piper Jaffray Upgrades Occidental Petroleum to Buy

By Austin Angelo

In a report released yesterday, Guy Baber from Piper Jaffray upgraded Occidental Petroleum (NYSE: OXY) to Buy, with a price target of $86. The company’s shares closed on Friday at $73.63.

According to TipRanks.com, Baber is a 5-star analyst with an average return of 17.6% and a 84.6% success rate. Baber covers the Basic Materials sector, focusing on stocks such as Royal Dutch Shell A, Hollyfrontier Corp, and Valero Energy Corp.

Currently, the analyst consensus on Occidental Petroleum is Moderate Buy and the average price target is $75.38, representing a 2.4% upside.

In a report issued on April 12, Goldman Sachs also reiterated a Buy rating on the stock.

Occidental Petroleum’s market cap is currently $56.33B and has a P/E ratio of 43.06. The company has a book value ratio of 2.7384.

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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.