Occidental Petroleum (NYSE:OXY) Price Target Lowered to $50.00 at Piper Sandler

Occidental Petroleum (NYSE:OXY) had its price target lowered by Piper Sandler from $51.00 to $50.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas producer’s stock. Piper Sandler’s price target suggests a potential upside of 9.78% from the stock’s previous close.

A number of other equities analysts have also weighed in on OXY. Wolfe Research boosted their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. TD Cowen lowered their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Stephens reaffirmed an “overweight” rating and issued a $71.00 price target on shares of Occidental Petroleum in a report on Wednesday, February 19th. Mizuho lowered their price objective on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. Finally, Jefferies Financial Group upped their target price on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $61.50.

Occidental Petroleum Price Performance

NYSE:OXY opened at $45.55 on Thursday. The stock has a 50 day moving average of $49.34 and a two-hundred day moving average of $50.82. Occidental Petroleum has a 12 month low of $44.70 and a 12 month high of $71.18. The firm has a market cap of $42.74 billion, a P/E ratio of 18.67 and a beta of 1.55. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95.

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

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of Occidental Petroleum stock in a transaction dated Thursday, December 19th. The shares were acquired at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the purchase, the insider now owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have acquired 6,854,394 shares of company stock valued at $315,101,532. 0.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

Several large investors have recently bought and sold shares of the stock. Altshuler Shaham Ltd acquired a new position in shares of Occidental Petroleum during the fourth quarter worth about $26,000. Whipplewood Advisors LLC purchased a new position in Occidental Petroleum in the fourth quarter worth approximately $27,000. VSM Wealth Advisory LLC acquired a new position in Occidental Petroleum during the 4th quarter worth approximately $27,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Occidental Petroleum in the 3rd quarter valued at approximately $32,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of Occidental Petroleum in the 4th quarter valued at $32,000. 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.