Truist Financial Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its target price upped by investment analysts at Truist Financial from $56.00 to $58.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price target indicates a potential upside of 11.24% from the company’s current price.

OXY has been the subject of a number of other research reports. Raymond James increased their price objective on shares of Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. Mizuho dropped their target price on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. Wolfe Research increased their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a research report on Friday, November 8th. Finally, StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Sunday, January 5th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Stock Up 1.6 %

OXY stock traded up $0.84 during trading hours on Monday, hitting $52.14. The company’s stock had a trading volume of 2,078,601 shares, compared to its average volume of 8,949,424. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The stock has a 50 day moving average price of $49.54 and a two-hundred day moving average price of $53.76. The company has a market capitalization of $48.93 billion, a PE ratio of 13.58 and a beta of 1.57. Occidental Petroleum has a 12 month low of $45.17 and a 12 month high of $71.18.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the transaction, the insider now directly owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This represents a 1.39 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of Occidental Petroleum by 3.3% in the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock worth $710,886,000 after buying an additional 444,850 shares during the period. H&H International Investment LLC boosted its holdings in shares of Occidental Petroleum by 497.7% in the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after purchasing an additional 7,680,598 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Occidental Petroleum by 2.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock worth $206,560,000 after purchasing an additional 98,703 shares during the period. Swiss National Bank boosted its holdings in shares of Occidental Petroleum by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after purchasing an additional 5,200 shares during the period. Finally, Epoch Investment Partners Inc. lifted its stake in shares of Occidental Petroleum by 20.1% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock worth $104,707,000 after acquiring an additional 277,462 shares during the last quarter. Institutional investors 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.