Occidental Petroleum Co. (NYSE:OXY) Receives $71.50 Consensus Target Price from Analysts

Occidental Petroleum Co. (NYSE:OXY) has been given a consensus recommendation of “Moderate Buy” by the fourteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $72.27.

OXY has been the topic of several research analyst reports. UBS Group boosted their target price on Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Wolfe Research assumed coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price objective for the company. Truist Financial cut their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Wells Fargo & Company decreased their price target on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Finally, Susquehanna cut their price objective on Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th.

Occidental Petroleum Stock Down 1.4 %

Shares of OXY opened at $50.66 on Thursday. The firm has a market cap of $44.92 billion, a P/E ratio of 13.84 and a beta of 1.58. Occidental Petroleum has a 1 year low of $49.90 and a 1 year 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 stock has a 50 day simple moving average of $58.29 and a two-hundred day simple moving average of $61.71.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. Occidental Petroleum’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $0.68 earnings per share. On average, analysts forecast that Occidental Petroleum will post 3.66 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc purchased 1,060,653 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were bought at an average price of $59.59 per share, for a total transaction of $63,204,312.27. Following the purchase, the insider now directly owns 254,947,063 shares in the company, valued at approximately $15,192,295,484.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Berkshire Hathaway Inc bought 1,060,653 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was acquired at an average cost of $59.59 per share, with a total value of $63,204,312.27. Following the completion of the acquisition, the insider now owns 254,947,063 shares of the company’s stock, valued at $15,192,295,484.17. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred 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 approximately $5,923,116,413.50. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Swedbank AB purchased a new position in Occidental Petroleum in the 1st quarter worth about $12,547,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Occidental Petroleum by 139.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 78,529 shares of the oil and gas producer’s stock valued at $5,104,000 after purchasing an additional 45,722 shares during the last quarter. Bridgefront Capital LLC bought a new position in Occidental Petroleum during the fourth quarter valued at approximately $763,000. Alberta Investment Management Corp boosted its holdings in Occidental Petroleum by 143.2% in the fourth quarter. Alberta Investment Management Corp now owns 36,475 shares of the oil and gas producer’s stock worth $2,178,000 after purchasing an additional 21,475 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Occidental Petroleum by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 904,081 shares of the oil and gas producer’s stock worth $58,757,000 after purchasing an additional 8,863 shares during the period. 88.70% of the stock is owned by institutional investors.

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.