Occidental Petroleum (NYSE:OXY) PT Raised to $70.00 at UBS Group

Occidental Petroleum (NYSE:OXY) had its price target boosted by UBS Group from $69.00 to $70.00 in a report published on Tuesday, Benzinga reports. The firm currently has a neutral rating on the oil and gas producer’s stock.

Several other analysts have also issued reports on the stock. Scotiabank lowered their price target on shares of Occidental Petroleum from $90.00 to $80.00 and set a sector outperform rating on the stock in a research report on Friday, July 12th. Citigroup dropped their target price on Occidental Petroleum from $69.00 to $65.00 and set a neutral rating on the stock in a research report on Friday, May 24th. Truist Financial decreased their price objective on Occidental Petroleum from $67.00 to $65.00 and set a hold rating on the stock in a research note on Monday, August 12th. Susquehanna lifted their target price on Occidental Petroleum from $70.00 to $81.00 and gave the company a positive rating in a report on Monday, April 22nd. Finally, Wolfe Research started coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They issued an outperform rating and a $81.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $71.69.

Occidental Petroleum Stock Up 2.0 %

OXY opened at $57.24 on Tuesday. The company’s 50-day moving average price is $60.22 and its two-hundred day moving average price is $62.06. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a twelve month low of $55.04 and a twelve month high of $71.18. The stock has a market cap of $51.84 billion, a price-to-earnings ratio of 15.64 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period last year, the business posted $0.68 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, equities analysts expect that Occidental Petroleum will post 3.7 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insiders Place Their Bets

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were bought at an average cost of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the purchase, the insider now directly owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The disclosure for this sale can be found here. Insiders acquired 4,656,747 shares of company stock valued at $278,664,028 over the last three months. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently made changes to their positions in the business. Berkshire Hathaway Inc raised its holdings in Occidental Petroleum by 8.7% in the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after purchasing an additional 19,586,612 shares in the last quarter. American Century Companies Inc. increased its position in shares of Occidental Petroleum by 16.8% during the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after buying an additional 532,318 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Occidental Petroleum by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,699,722 shares of the oil and gas producer’s stock worth $220,910,000 after buying an additional 82,360 shares in the last quarter. Epoch Investment Partners Inc. lifted its holdings in Occidental Petroleum by 20.1% in the second quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock worth $104,707,000 after buying an additional 277,462 shares during the period. Finally, Himalaya Capital Management LLC bought a new stake in Occidental Petroleum during the 2nd quarter valued at approximately $92,433,000. 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.