Occidental Petroleum (NYSE:OXY) PT Lowered to $65.00

Occidental Petroleum (NYSE:OXY) had its price target decreased by investment analysts at BMO Capital Markets from $70.00 to $65.00 in a report issued on Friday, Benzinga reports. The firm currently has a “market perform” rating on the oil and gas producer’s stock. BMO Capital Markets’ target price points to a potential upside of 16.57% from the company’s previous close.

A number of other analysts have also issued reports on the stock. Mizuho dropped their price target on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Susquehanna dropped their target price on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Evercore ISI reduced their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, September 27th. Finally, Truist Financial reduced their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $67.18.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $55.76 on Friday. Occidental Petroleum has a 12-month low of $49.75 and a 12-month 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. The company has a market capitalization of $49.44 billion, a price-to-earnings ratio of 15.23 and a beta of 1.57. The firm’s fifty day moving average price is $55.08 and its 200 day moving average price is $60.60.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.68 earnings per share. On average, research analysts forecast that Occidental Petroleum will post 3.57 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. boosted its stake 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 worth $25,000 after acquiring an additional 167 shares in the last quarter. LifeSteps Financial Inc. purchased a new position in Occidental Petroleum in the 1st quarter worth about $34,000. Able Wealth Management LLC acquired a new stake in Occidental Petroleum during the 4th quarter worth about $38,000. New Covenant Trust Company N.A. purchased a new stake in Occidental Petroleum during the first quarter valued at about $44,000. Finally, LRI Investments LLC acquired a new position in shares of Occidental Petroleum in the first quarter worth about $44,000. 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.