Occidental Petroleum (NYSE:OXY) Price Target Cut to $68.00

Occidental Petroleum (NYSE:OXY) had its price objective decreased by investment analysts at Wells Fargo & Company from $69.00 to $68.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 10.61% from the company’s previous close.

Other equities analysts have also issued reports about the stock. HSBC initiated coverage on shares of Occidental Petroleum in a research report on Monday, April 8th. They issued a “hold” rating and a $65.00 price objective on the stock. Truist Financial lowered shares of Occidental Petroleum from a “buy” rating to a “hold” rating and decreased their target price for the stock from $84.00 to $69.00 in a research report on Thursday, May 16th. Susquehanna boosted their price objective on shares of Occidental Petroleum from $70.00 to $81.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Morgan Stanley boosted their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, Scotiabank upgraded shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $63.00 to $90.00 in a research report on Thursday, April 11th. Eleven research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $72.33.

Occidental Petroleum Price Performance

OXY stock remained flat at $61.48 during mid-day trading on Friday. 1,927,049 shares of the company’s stock traded hands, compared to its average volume of 7,867,139. The firm’s 50-day simple moving average is $62.05 and its two-hundred day simple moving average is $61.87. The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82. Occidental Petroleum has a one year low of $55.12 and a one year high of $71.18. The stock has a market capitalization of $54.51 billion, a price-to-earnings ratio of 16.76 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $6.70 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The company’s quarterly revenue was down 17.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.09 EPS. Research analysts predict that Occidental Petroleum will post 3.91 EPS for the current year.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the purchase, the insider now directly owns 250,583,605 shares in the company, valued at approximately $14,952,323,710.35. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders purchased a total of 4,656,747 shares of company stock valued at $278,664,028 in the last 90 days. 0.31% of the stock is currently owned by insiders.

Institutional Trading of Occidental Petroleum

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CapWealth Advisors LLC increased its position in Occidental Petroleum by 2.7% during the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after purchasing an additional 162 shares in the last quarter. Meeder Advisory Services Inc. increased its position in Occidental Petroleum by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after purchasing an additional 164 shares in the last quarter. Investment Research & Advisory Group Inc. increased its position in 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 purchasing an additional 167 shares in the last quarter. Earnest Partners LLC boosted its holdings in Occidental Petroleum by 2.6% in the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock worth $445,000 after acquiring an additional 173 shares during the period. Finally, Proficio Capital Partners LLC boosted its holdings in Occidental Petroleum by 0.8% in the 1st quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock worth $1,359,000 after acquiring an additional 175 shares during the period. Institutional investors and hedge funds 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.