Occidental Petroleum (NYSE:OXY) Price Target Cut to $65.00 by Analysts at Scotiabank

Occidental Petroleum (NYSE:OXY) had its price objective trimmed by Scotiabank from $80.00 to $65.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has a sector outperform rating on the oil and gas producer’s stock.

A number of other equities analysts have also recently weighed in on the company. UBS Group decreased their price objective on Occidental Petroleum from $70.00 to $59.00 and set a neutral rating on the stock in a report on Wednesday, September 18th. Truist Financial cut their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a hold rating for the company in a research note on Monday, September 30th. Wolfe Research began coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They issued an outperform rating and a $81.00 price target for the company. BMO Capital Markets reduced their price objective on Occidental Petroleum from $70.00 to $65.00 and set a market perform rating on the stock in a research note on Friday, October 4th. Finally, Wells Fargo & Company lowered their target price on Occidental Petroleum from $65.00 to $56.00 and set an equal weight rating for the company in a research note on Friday, September 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $66.29.

Occidental Petroleum Stock Up 0.3 %

OXY stock opened at $54.76 on Thursday. The company’s 50 day moving average is $54.58 and its 200 day moving average is $60.25. The stock has a market cap of $48.55 billion, a price-to-earnings ratio of 14.96 and a beta of 1.57. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a 1-year low of $49.75 and a 1-year high of $71.18.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.68 EPS. Sell-side analysts predict that Occidental Petroleum will post 3.49 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insiders Place Their Bets

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.31% of the stock is currently owned by company insiders.

Institutional Trading of Occidental Petroleum

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bayesian Capital Management LP purchased a new position in shares of Occidental Petroleum in the 4th quarter worth about $4,262,000. Barden Capital Management Inc. raised its stake in shares of Occidental Petroleum by 19.1% in the fourth quarter. Barden Capital Management Inc. now owns 19,125 shares of the oil and gas producer’s stock worth $1,218,000 after purchasing an additional 3,071 shares during the last quarter. Berkshire Hathaway Inc lifted its holdings in shares of Occidental Petroleum by 8.7% during the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after purchasing an additional 19,586,612 shares in the last quarter. H&H International Investment LLC bought a new stake in Occidental Petroleum in the 4th quarter worth about $26,278,000. Finally, Fund 1 Investments LLC raised its position in Occidental Petroleum by 20.0% in the 4th quarter. Fund 1 Investments LLC now owns 120,000 shares of the oil and gas producer’s stock worth $7,165,000 after buying an additional 20,000 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.