Occidental Petroleum (NYSE:OXY) PT Lowered to $68.00

Occidental Petroleum (NYSE:OXY) had its target price dropped by equities research analysts at Wells Fargo & Company from $69.00 to $68.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 11.11% from the company’s previous close.

Several other analysts have also recently issued reports on OXY. Mizuho lifted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Citigroup lowered their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. Truist Financial downgraded 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. Barclays assumed coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective for the company. Finally, Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $63.00 to $90.00 in a report on Thursday, April 11th. Eleven research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $71.67.

Occidental Petroleum Price Performance

NYSE OXY opened at $61.20 on Friday. The stock has a market cap of $54.26 billion, a price-to-earnings ratio of 16.72 and a beta of 1.61. Occidental Petroleum has a 12 month low of $55.12 and a 12 month high of $71.18. The company’s 50 day moving average is $61.99 and its two-hundred day moving average is $61.88. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, beating 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 company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $6.70 billion. During the same quarter in the previous year, the company earned $1.09 EPS. Occidental Petroleum’s revenue for the quarter was down 17.2% on a year-over-year basis. As a group, research analysts anticipate that Occidental Petroleum will post 3.9 earnings per share for the current year.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 524,340 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was acquired at an average price of $59.75 per share, for a total transaction of $31,329,315.00. Following the completion of the transaction, the insider now directly owns 248,542,468 shares of the company’s stock, valued at $14,850,412,463. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last ninety days, insiders have bought 4,656,747 shares of company stock worth $278,664,028. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Modera Wealth Management LLC increased its position in shares of Occidental Petroleum by 6.7% during the third quarter. Modera Wealth Management LLC now owns 12,470 shares of the oil and gas producer’s stock worth $809,000 after acquiring an additional 788 shares during the period. Anchor Investment Management LLC bought a new stake in Occidental Petroleum during the 4th quarter valued at $116,000. DNB Asset Management AS lifted its holdings in shares of Occidental Petroleum by 0.6% in the 4th quarter. DNB Asset Management AS now owns 200,650 shares of the oil and gas producer’s stock worth $11,981,000 after buying an additional 1,280 shares during the period. Capital Investment Advisors LLC grew its position in shares of Occidental Petroleum by 11.8% during the 4th quarter. Capital Investment Advisors LLC now owns 6,975 shares of the oil and gas producer’s stock worth $416,000 after buying an additional 734 shares in the last quarter. Finally, Pure Financial Advisors LLC bought a new stake in shares of Occidental Petroleum in the fourth quarter valued at about $204,000. 88.70% of the stock is currently owned by institutional investors.

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.