Occidental Petroleum (NYSE:OXY) PT Lowered to $77.00 at Stephens

Occidental Petroleum (NYSE:OXY) had its price objective trimmed by Stephens from $78.00 to $77.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an overweight rating on the oil and gas producer’s stock.

Other equities research analysts have also issued reports about the stock. HSBC started coverage on shares of Occidental Petroleum in a report on Monday, April 8th. They issued a hold rating and a $65.00 target price for the company. Truist Financial lowered shares of Occidental Petroleum from a buy rating to a hold rating and reduced their target price for the stock from $84.00 to $69.00 in a report on Thursday, May 16th. Mizuho increased their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a neutral rating in a report on Wednesday, May 8th. Wells Fargo & Company reduced their target price on shares of Occidental Petroleum from $69.00 to $68.00 and set an equal weight rating for the company in a report on Friday, July 12th. Finally, Citigroup reduced their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a neutral rating for the company in a report on Friday, May 24th. Ten equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $72.44.

Occidental Petroleum Price Performance

OXY opened at $63.73 on Monday. Occidental Petroleum has a 52-week low of $55.12 and a 52-week high of $71.18. The stock has a market capitalization of $56.51 billion, a P/E ratio of 17.41 and a beta of 1.61. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.95. The company’s 50-day simple moving average is $61.85 and its two-hundred day simple moving average is $61.94.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same quarter in the prior year, the firm earned $1.09 EPS. The business’s revenue for the quarter was down 17.2% compared to the same quarter last year. As a group, analysts predict that Occidental Petroleum will post 3.89 EPS for the current year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, June 10th were given a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.38%. Occidental Petroleum’s dividend payout ratio is presently 24.04%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average cost of $59.67 per share, for a total transaction of $82,752,981.48. Following the completion of the transaction, the insider now directly owns 250,583,605 shares in the company, valued at $14,952,323,710.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 4,656,747 shares of company stock worth $278,664,028 over the last three months. 0.31% of the stock is owned by insiders.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tyche Wealth Partners LLC increased its stake in Occidental Petroleum by 7.1% in the second quarter. Tyche Wealth Partners LLC now owns 5,175 shares of the oil and gas producer’s stock worth $326,000 after purchasing an additional 343 shares during the period. 1858 Wealth Management LLC increased its stake in Occidental Petroleum by 22.1% in the second quarter. 1858 Wealth Management LLC now owns 12,700 shares of the oil and gas producer’s stock worth $800,000 after purchasing an additional 2,302 shares during the period. Foster Victor Wealth Advisors LLC purchased a new stake in Occidental Petroleum in the second quarter worth $242,000. Royal Fund Management LLC increased its stake in Occidental Petroleum by 23.8% in the second quarter. Royal Fund Management LLC now owns 25,607 shares of the oil and gas producer’s stock worth $1,614,000 after purchasing an additional 4,925 shares during the period. Finally, SteelPeak Wealth LLC increased its stake in shares of Occidental Petroleum by 14.5% during the second quarter. SteelPeak Wealth LLC now owns 5,109 shares of the oil and gas producer’s stock valued at $323,000 after buying an additional 646 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.