Citigroup Cuts Occidental Petroleum (NYSE:OXY) Price Target to $60.00

Occidental Petroleum (NYSE:OXY) had its price target decreased by Citigroup from $62.00 to $60.00 in a report published on Friday,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas producer’s stock.

Several other research firms have also issued reports on OXY. Barclays upgraded shares of Occidental Petroleum from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $59.00 to $72.00 in a research report on Tuesday, May 26th. Mizuho upped their price target on shares of Occidental Petroleum from $72.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Wells Fargo & Company increased their price target on Occidental Petroleum from $69.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Morgan Stanley reduced their price objective on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Friday, June 26th. Finally, Scotiabank upped their target price on Occidental Petroleum from $46.00 to $57.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Ten analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average price target of $64.17.

Occidental Petroleum Trading Up 0.1%

OXY opened at $54.89 on Friday. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a 50-day simple moving average of $54.80 and a 200 day simple moving average of $53.04. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $54.60 billion, a price-to-earnings ratio of 13.83 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, beating the consensus estimate of $0.60 by $0.46. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The business’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period last year, the firm earned $0.14 EPS. Analysts predict that Occidental Petroleum will post 5.66 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.9%. The ex-dividend date was Wednesday, June 10th. Occidental Petroleum’s dividend payout ratio is 26.20%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson purchased 4,770 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of OXY. Dimensional Fund Advisors LP raised its position in shares of Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after acquiring an additional 1,883,721 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Occidental Petroleum by 44.6% in the first quarter. Bank of New York Mellon Corp now owns 5,761,082 shares of the oil and gas producer’s stock valued at $374,470,000 after acquiring an additional 1,776,922 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Occidental Petroleum by 54.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer’s stock valued at $162,820,000 after purchasing an additional 1,393,638 shares during the period. Wellington Management Group LLP raised its holdings in Occidental Petroleum by 1,029.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock worth $70,580,000 after purchasing an additional 1,361,541 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Occidental Petroleum by 326.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,702,420 shares of the oil and gas producer’s stock worth $82,687,000 after purchasing an additional 1,303,263 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.