Occidental Petroleum (NYSE:OXY) Price Target Lowered to $67.00 at Truist Financial

Occidental Petroleum (NYSE:OXY) had its target price cut by Truist Financial from $69.00 to $67.00 in a research note released on Monday morning, Benzinga reports. They currently have a hold rating on the oil and gas producer’s stock.

Several other brokerages have also commented on OXY. Citigroup decreased their price target on Occidental Petroleum from $69.00 to $65.00 and set a neutral rating on the stock in a research note on Friday, May 24th. Susquehanna raised their price objective on shares of Occidental Petroleum from $70.00 to $81.00 and gave the stock a positive rating in a report on Monday, April 22nd. Morgan Stanley boosted their target price on Occidental Petroleum from $66.00 to $72.00 and gave the stock an overweight rating in a report on Thursday, March 28th. Mizuho raised their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company a neutral rating in a report on Wednesday, May 8th. Finally, Wolfe Research started coverage on Occidental Petroleum in a research note on Thursday, July 18th. They issued an outperform rating and a $81.00 price objective on the stock. Ten equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $72.31.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $60.54 on Monday. The business’s 50 day moving average is $61.64 and its 200-day moving average is $61.99. 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 firm has a market capitalization of $53.68 billion, a PE ratio of 16.54 and a beta of 1.61. Occidental Petroleum has a 1-year low of $55.12 and a 1-year high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $6.70 billion. During the same quarter in the previous year, the firm posted $1.09 EPS. The business’s revenue for the quarter was down 17.2% on a year-over-year basis. Sell-side analysts predict that Occidental Petroleum will post 3.72 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, June 10th were given a $0.22 dividend. The ex-dividend date was Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.45%. Occidental Petroleum’s dividend payout ratio is 24.04%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of Occidental Petroleum stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the transaction, the insider now directly owns 250,583,605 shares in the company, valued at approximately $14,952,323,710.35. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have bought 4,656,747 shares of company stock valued at $278,664,028 in the last 90 days. 0.31% of the stock is owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the business. SeaCrest Wealth Management LLC boosted its holdings in shares of Occidental Petroleum by 8.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock valued at $343,000 after buying an additional 474 shares during the period. Cullen Investment Group LTD. acquired a new position in shares of Occidental Petroleum during the fourth quarter worth about $1,006,000. Koshinski Asset Management Inc. grew its holdings in shares of Occidental Petroleum by 53.9% during the fourth quarter. Koshinski Asset Management Inc. now owns 48,179 shares of the oil and gas producer’s stock worth $2,877,000 after buying an additional 16,871 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Occidental Petroleum by 1,279.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer’s stock valued at $13,847,000 after buying an additional 215,091 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Occidental Petroleum by 139.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 78,529 shares of the oil and gas producer’s stock valued at $5,104,000 after acquiring an additional 45,722 shares in the last quarter. 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.