Citigroup Lowers Occidental Petroleum (NYSE:OXY) Price Target to $51.00

Occidental Petroleum (NYSE:OXY) had its price objective dropped by analysts at Citigroup from $56.00 to $51.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price objective indicates a potential upside of 7.01% from the stock’s previous close.

Several other analysts also recently issued reports on the company. Truist Financial upped their price target on Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. StockNews.com downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, February 27th. The Goldman Sachs Group downgraded Occidental Petroleum from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $54.00 to $45.00 in a research note on Friday, January 31st. Raymond James cut Occidental Petroleum from a “strong-buy” rating to an “outperform” rating and cut their price objective for the stock from $81.00 to $64.00 in a research report on Monday, March 10th. Finally, Mizuho cut their price objective on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $60.45.

Occidental Petroleum Trading Up 0.8 %

Shares of NYSE:OXY opened at $47.66 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $44.73 billion, a PE ratio of 19.53 and a beta of 1.51. Occidental Petroleum has a 1 year low of $44.70 and a 1 year high of $71.19. The firm has a fifty day moving average price of $48.80 and a 200 day moving average price of $50.14.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.13. The company had revenue of $6.84 billion during the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. Analysts expect that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the company’s stock in a transaction dated Thursday, December 19th. The stock was acquired at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the acquisition, the insider now owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. This represents a 1.39 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently modified their holdings of OXY. Wealth Enhancement Advisory Services LLC boosted its position in Occidental Petroleum by 25.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 95,888 shares of the oil and gas producer’s stock valued at $4,738,000 after buying an additional 19,734 shares during the last quarter. PKO Investment Management Joint Stock Co bought a new position in Occidental Petroleum in the 4th quarter valued at $1,144,000. Northstar Financial Companies Inc. bought a new position in Occidental Petroleum in the 4th quarter valued at $486,000. Siemens Fonds Invest GmbH boosted its position in Occidental Petroleum by 30.0% in the 4th quarter. Siemens Fonds Invest GmbH now owns 43,293 shares of the oil and gas producer’s stock valued at $2,139,000 after buying an additional 10,003 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Occidental Petroleum in the 4th quarter worth $8,284,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.