Occidental Petroleum (NYSE:OXY) PT Lowered to $58.00

Occidental Petroleum (NYSE:OXY) had its price target decreased by equities researchers at Barclays from $67.00 to $58.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas producer’s stock. Barclays‘s target price points to a potential upside of 7.31% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, September 27th. Scotiabank decreased their price objective on shares of 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. Susquehanna reduced their price objective on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Mizuho cut their price objective on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Finally, Truist Financial decreased their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $67.31.

Occidental Petroleum Stock Performance

Occidental Petroleum stock traded up $0.61 during mid-day trading on Thursday, reaching $54.05. The company’s stock had a trading volume of 7,767,221 shares, compared to its average volume of 8,996,316. The company has a market capitalization of $48.95 billion, a P/E ratio of 14.77 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The firm’s fifty day moving average price is $55.29 and its two-hundred day moving average price is $60.72. Occidental Petroleum has a 12-month low of $49.75 and a 12-month high of $71.18.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter in the prior year, the company earned $0.68 EPS. The firm’s revenue 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 related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction 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 sale, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently added to or reduced their stakes in the stock. Berkshire Hathaway Inc raised its position in shares of Occidental Petroleum by 8.7% in the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after buying an additional 19,586,612 shares during the last quarter. Himalaya Capital Management LLC acquired a new position in Occidental Petroleum during the second quarter worth $92,433,000. Clean Energy Transition LLP purchased a new stake in Occidental Petroleum in the 1st quarter valued at $67,601,000. Sarasin & Partners LLP purchased a new position in shares of Occidental Petroleum during the 2nd quarter worth $63,880,000. Finally, Scharf Investments LLC acquired a new position in shares of Occidental Petroleum during the 2nd quarter valued at about $42,744,000. Institutional investors and hedge funds 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.