Barclays Reaffirms Their Buy Rating on Occidental Petroleum (OXY)

Barclays analyst Paul Cheng maintained a Buy rating on Occidental Petroleum (OXY) yesterday and set a price target of $77. The company’s shares opened today at $65.66.

According to, Cheng is a 4-star analyst with an average return of 2.8% and a 47.9% success rate. Cheng covers the Basic Materials sector, focusing on stocks such as Petroleo Brasileiro SA- Petrobras, Marathon Petroleum Corporation, and Imperial Oil Limited.

Currently, the analyst consensus on Occidental Petroleum is a Strong Buy with an average price target of $86.67.

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Based on Occidental Petroleum’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $5.18 billion and net profit of $1.86 billion. In comparison, last year the company earned revenue of $3.48 billion and had a net profit of $495 million.

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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.