Occidental Petroleum (NYSE:OXY) Price Target Lowered to $65.00 at BMO Capital Markets

Occidental Petroleum (NYSE:OXY) had its target price dropped by equities researchers at BMO Capital Markets from $70.00 to $65.00 in a report released on Friday, Benzinga reports. The firm presently has a “market perform” rating on the oil and gas producer’s stock. BMO Capital Markets’ price target would indicate a potential upside of 16.65% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Company cut their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Mizuho decreased their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Stephens restated an “overweight” rating and issued a $76.00 price target on shares of Occidental Petroleum in a research note on Thursday, August 8th. UBS Group decreased their price objective on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, Scotiabank lowered their price objective on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $67.18.

Occidental Petroleum Stock Up 1.7 %

Shares of OXY traded up $0.93 during trading hours on Friday, hitting $55.72. The stock had a trading volume of 8,365,701 shares, compared to its average volume of 9,044,044. The firm has a market capitalization of $50.46 billion, a P/E ratio of 15.22 and a beta of 1.58. The firm has a 50 day simple moving average of $55.17 and a 200-day simple moving average of $60.67. Occidental Petroleum has a 1-year low of $49.75 and a 1-year high of $71.18. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the firm posted $0.68 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Sell-side analysts predict that Occidental Petroleum will post 3.57 EPS for the current fiscal year.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Investment Research & Advisory Group Inc. lifted its holdings in shares of Occidental Petroleum by 75.2% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares in the last quarter. LifeSteps Financial Inc. purchased a new position in shares of Occidental Petroleum in the first quarter valued at $34,000. Able Wealth Management LLC acquired a new stake in Occidental Petroleum during the 4th quarter valued at $38,000. New Covenant Trust Company N.A. acquired a new position in Occidental Petroleum in the 1st quarter worth $44,000. Finally, LRI Investments LLC purchased a new position in Occidental Petroleum in the 1st quarter valued at about $44,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.