Occidental Petroleum (NYSE:OXY) Price Target Cut to $80.00 by Analysts at Scotiabank

Occidental Petroleum (NYSE:OXY) had its target price decreased by Scotiabank from $90.00 to $80.00 in a research note issued to investors on Friday, Benzinga reports. Scotiabank currently has a sector outperform rating on the oil and gas producer’s stock.

OXY has been the topic of a number of other research reports. Susquehanna boosted their price target on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a positive rating in a report on Monday, April 22nd. Morgan Stanley upped their target price on Occidental Petroleum from $66.00 to $72.00 and gave the stock an overweight rating in a research report on Thursday, March 28th. Barclays began coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They set an equal weight rating and a $73.00 price target on the stock. Truist Financial cut Occidental Petroleum from a buy rating to a hold rating and decreased their target price for the stock from $84.00 to $69.00 in a research report on Thursday, May 16th. Finally, Mizuho boosted their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a neutral rating in a research note on Wednesday, May 8th. Eleven analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $71.87.

Occidental Petroleum Trading Up 1.3 %

Shares of NYSE:OXY opened at $62.01 on Friday. Occidental Petroleum has a twelve month low of $55.12 and a twelve month high of $71.18. The firm has a market cap of $54.98 billion, a P/E ratio of 16.94 and a beta of 1.61. The company has a 50 day moving average of $61.93 and a 200-day moving average of $61.90. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.01. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $6.70 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The business’s revenue was down 17.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 EPS. As a group, analysts anticipate that Occidental Petroleum will post 3.9 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, June 10th were given a dividend of $0.22 per share. The ex-dividend date was Monday, June 10th. This represents a $0.88 annualized dividend and a yield of 1.42%. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of the stock in a transaction dated Friday, June 7th. The stock was bought at an average cost of $59.67 per share, with a total value of $82,752,981.48. Following the purchase, the insider now owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have purchased 4,656,747 shares of company stock valued at $278,664,028 over the last three months. 0.31% of the stock is owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of the business. CapWealth Advisors LLC grew its holdings in Occidental Petroleum by 2.7% during the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after acquiring an additional 162 shares during the period. Meeder Advisory Services Inc. boosted its position in shares of Occidental Petroleum by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after purchasing an additional 164 shares during the last quarter. Investment Research & Advisory Group Inc. grew 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 worth $25,000 after purchasing an additional 167 shares during the period. Earnest Partners LLC increased its holdings in Occidental Petroleum by 2.6% in the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after purchasing an additional 173 shares during the last quarter. Finally, Proficio Capital Partners LLC boosted its holdings in Occidental Petroleum by 0.8% during the first quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock worth $1,359,000 after buying an additional 175 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

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.