Occidental Petroleum (NYSE:OXY) Given New $75.00 Price Target at Barclays

Occidental Petroleum (NYSE:OXYGet Rating) had its target price reduced by Barclays from $79.00 to $75.00 in a report published on Wednesday morning, The Fly reports. Barclays currently has an overweight rating on the oil and gas producer’s stock.

OXY has been the subject of a number of other research reports. Tudor Pickering downgraded Occidental Petroleum from a buy rating to a hold rating in a research report on Friday, August 19th. The Goldman Sachs Group downgraded Occidental Petroleum from a buy rating to a neutral rating and set a $70.00 target price for the company. in a research report on Monday, July 11th. Wells Fargo & Company boosted their target price on Occidental Petroleum from $58.00 to $59.00 and gave the stock an underweight rating in a research report on Thursday, August 4th. Susquehanna lifted their price target on Occidental Petroleum from $71.00 to $73.00 in a research note on Thursday, May 12th. Finally, Tudor, Pickering, Holt & Co. cut Occidental Petroleum from a buy rating to a hold rating in a research note on Friday, August 19th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $70.05.

Occidental Petroleum Stock Performance

Shares of OXY opened at $71.00 on Wednesday. The company has a market cap of $66.54 billion, a PE ratio of 7.00, a price-to-earnings-growth ratio of 0.42 and a beta of 1.88. The company has a current ratio of 1.07, a quick ratio of 0.91 and a debt-to-equity ratio of 1.20. The stock has a 50-day moving average price of $63.34 and a 200-day moving average price of $59.64. Occidental Petroleum has a 12-month low of $24.39 and a 12-month high of $77.13.

Occidental Petroleum (NYSE:OXYGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The oil and gas producer reported $3.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.02 by $0.14. Occidental Petroleum had a return on equity of 60.25% and a net margin of 32.25%. During the same quarter in the prior year, the firm posted $0.32 earnings per share. As a group, equities analysts forecast that Occidental Petroleum will post 10.8 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, September 12th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.73%. The ex-dividend date is Friday, September 9th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 5.13%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 5,673,196 shares of the stock in a transaction on Friday, June 17th. The shares were bought at an average price of $55.27 per share, with a total value of $313,557,542.92. Following the acquisition, the insider now owns 148,835,588 shares of the company’s stock, valued at $8,226,142,948.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Petroleum Corp /De/ Occidental sold 10,000,000 shares of the company’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $25.25, for a total value of $252,500,000.00. Following the sale, the insider now owns 190,281,578 shares of the company’s stock, valued at approximately $4,804,609,844.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc bought 5,673,196 shares of Occidental Petroleum stock in a transaction that occurred on Friday, June 17th. The stock was bought at an average cost of $55.27 per share, for a total transaction of $313,557,542.92. Following the purchase, the insider now owns 148,835,588 shares in the company, valued at approximately $8,226,142,948.76. The disclosure for this purchase can be found here. Insiders have purchased 32,717,757 shares of company stock worth $1,883,198,604 in the last quarter. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CAPROCK Group Inc. lifted its stake in Occidental Petroleum by 1.7% in the 2nd quarter. CAPROCK Group Inc. now owns 9,737 shares of the oil and gas producer’s stock valued at $575,000 after buying an additional 164 shares in the last quarter. Miller Wealth Advisors LLC raised its holdings in Occidental Petroleum by 9.8% in the 2nd quarter. Miller Wealth Advisors LLC now owns 1,973 shares of the oil and gas producer’s stock valued at $116,000 after acquiring an additional 176 shares during the last quarter. Lazard Asset Management LLC raised its holdings in Occidental Petroleum by 1.5% in the 1st quarter. Lazard Asset Management LLC now owns 11,920 shares of the oil and gas producer’s stock valued at $676,000 after acquiring an additional 180 shares during the last quarter. Lincoln National Corp raised its holdings in Occidental Petroleum by 3.0% in the 1st quarter. Lincoln National Corp now owns 7,571 shares of the oil and gas producer’s stock valued at $430,000 after acquiring an additional 222 shares during the last quarter. Finally, IndexIQ Advisors LLC raised its holdings in Occidental Petroleum by 5.7% in the 1st quarter. IndexIQ Advisors LLC now owns 4,180 shares of the oil and gas producer’s stock valued at $237,000 after acquiring an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Occidental Petroleum Company Profile

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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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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