Occidental Petroleum (NYSE:OXY) Price Target Cut to $65.00

Occidental Petroleum (NYSE:OXY) had its target price decreased by stock analysts at Truist Financial from $67.00 to $65.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price objective indicates a potential upside of 13.12% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Mizuho lifted their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Wolfe Research started coverage on shares of Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target for the company. 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. Wells Fargo & Company decreased their target price on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Finally, Stephens reiterated an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. Ten analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and an average price target of $71.94.

Occidental Petroleum Stock Down 2.6 %

OXY opened at $57.46 on Monday. Occidental Petroleum has a 12 month low of $55.04 and a 12 month high of $71.18. The business has a 50-day moving average of $60.73 and a two-hundred day moving average of $62.17. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71. The stock has a market capitalization of $50.95 billion, a price-to-earnings ratio of 15.70 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. Occidental Petroleum’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.68 earnings per share. On average, research analysts expect that Occidental Petroleum will post 3.6 earnings per share for the current year.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 334,461 shares of Occidental Petroleum stock in a transaction dated Monday, June 17th. The shares were acquired at an average price of $59.75 per share, with a total value of $19,984,044.75. Following the completion of the transaction, the insider now owns 255,281,524 shares of the company’s stock, valued at approximately $15,253,071,059. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders purchased 4,656,747 shares of company stock valued at $278,664,028. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Several large investors have recently added to or reduced their stakes in the company. Berkshire Hathaway Inc lifted its position in shares of Occidental Petroleum by 8.7% in the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after buying an additional 19,586,612 shares during the last quarter. Clean Energy Transition LLP acquired a new stake in shares of Occidental Petroleum in the 1st quarter worth about $67,601,000. Sarasin & Partners LLP bought a new stake in Occidental Petroleum in the 2nd quarter valued at about $63,880,000. Scharf Investments LLC acquired a new position in Occidental Petroleum during the 2nd quarter valued at about $42,744,000. Finally, TD Asset Management Inc increased its stake in shares of Occidental Petroleum by 237.9% in the fourth quarter. TD Asset Management Inc now owns 756,862 shares of the oil and gas producer’s stock valued at $45,192,000 after purchasing an additional 532,847 shares during the period. 88.70% of the stock is currently 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.