Occidental Petroleum (NYSE:OXY) Price Target Cut to $77.00

Occidental Petroleum (NYSE:OXY) had its price objective reduced by analysts at Stephens from $78.00 to $77.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas producer’s stock. Stephens’ price objective indicates a potential upside of 23.95% from the company’s previous close.

Several other research firms have also commented on OXY. Citigroup reduced their price target on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a report on Friday, May 24th. Truist Financial lowered shares of Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their price target for the company from $84.00 to $69.00 in a report on Thursday, May 16th. Morgan Stanley boosted their price target on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Wells Fargo & Company reduced their price objective on shares of Occidental Petroleum from $69.00 to $68.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Finally, HSBC assumed coverage on shares of Occidental Petroleum in a research note on Monday, April 8th. They set a “hold” rating and a $65.00 price objective for the company. 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.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $71.87.

Occidental Petroleum Price Performance

OXY stock opened at $62.12 on Monday. Occidental Petroleum has a 12 month low of $55.12 and a 12 month high of $71.18. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The company has a 50-day moving average price of $61.87 and a 200 day moving average price of $61.92. The stock has a market cap of $55.08 billion, a PE ratio of 16.97 and a beta of 1.61.

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

Insider Buying and Selling at Occidental Petroleum

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

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently made changes to their positions in OXY. V Square Quantitative Management LLC grew its holdings in shares of Occidental Petroleum by 9.9% in the second quarter. V Square Quantitative Management LLC now owns 3,519 shares of the oil and gas producer’s stock valued at $222,000 after purchasing an additional 317 shares in the last quarter. Great Valley Advisor Group Inc. grew its holdings in shares of Occidental Petroleum by 7.6% in the second quarter. Great Valley Advisor Group Inc. now owns 32,618 shares of the oil and gas producer’s stock valued at $2,056,000 after purchasing an additional 2,301 shares in the last quarter. Ameliora Wealth Management Ltd. grew its holdings in shares of Occidental Petroleum by 11.3% in the second quarter. Ameliora Wealth Management Ltd. now owns 8,032 shares of the oil and gas producer’s stock valued at $506,000 after purchasing an additional 815 shares in the last quarter. Baxter Bros Inc. grew its holdings in shares of Occidental Petroleum by 4.2% in the second quarter. Baxter Bros Inc. now owns 8,980 shares of the oil and gas producer’s stock valued at $566,000 after purchasing an additional 365 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Occidental Petroleum by 12.2% in the second quarter. Sequoia Financial Advisors LLC now owns 24,874 shares of the oil and gas producer’s stock valued at $1,568,000 after purchasing an additional 2,712 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.