Occidental Petroleum (NYSE:OXY) Price Target Lowered to $59.00 at UBS Group

Occidental Petroleum (NYSE:OXY) had its price objective cut by UBS Group from $70.00 to $59.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the oil and gas producer’s stock.

A number of other equities analysts also recently issued reports on OXY. Citigroup lowered their price target on Occidental Petroleum from $69.00 to $65.00 and set a neutral rating for the company in a report on Friday, May 24th. Susquehanna cut their price target on Occidental Petroleum from $81.00 to $78.00 and set a positive rating for the company in a research note on Wednesday, September 4th. Truist Financial cut their price target on Occidental Petroleum from $67.00 to $65.00 and set a hold rating for the company in a research note on Monday, August 12th. Wolfe Research initiated coverage on Occidental Petroleum in a research note on Thursday, July 18th. They set an outperform rating and a $81.00 price target for the company. Finally, Mizuho cut their price target on Occidental Petroleum from $76.00 to $72.00 and set a neutral rating for the company in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Occidental Petroleum has a consensus rating of Hold and an average price target of $71.60.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $51.64 on Wednesday. Occidental Petroleum has a one year low of $49.90 and a one year high of $71.18. The company has a market cap of $45.79 billion, a PE ratio of 14.11 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The business has a 50-day simple moving average of $56.91 and a 200-day simple moving average of $61.26.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 earnings per share. On average, equities research analysts forecast that Occidental Petroleum will post 3.71 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by corporate insiders.

Institutional Trading of Occidental Petroleum

A number of large investors have recently made changes to their positions in OXY. Investment Research & Advisory Group Inc. boosted its stake in shares of Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares during the last quarter. LifeSteps Financial Inc. acquired a new stake in Occidental Petroleum in the 1st quarter worth about $34,000. Able Wealth Management LLC acquired a new stake in Occidental Petroleum in the 4th quarter worth about $38,000. New Covenant Trust Company N.A. acquired a new stake in Occidental Petroleum in the 1st quarter worth about $44,000. Finally, LRI Investments LLC acquired a new stake in Occidental Petroleum in the 1st quarter worth about $44,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.