Occidental Petroleum (NYSE:OXY) Price Target Cut to $58.00

Occidental Petroleum (NYSE:OXY) had its target price lowered by analysts at Barclays from $67.00 to $58.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas producer’s stock. Barclays‘s target price indicates a potential upside of 7.31% from the company’s current price.

Several other analysts have also recently commented on the stock. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, September 27th. Wolfe Research began coverage on Occidental Petroleum in a report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price target on the stock. Truist Financial decreased their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday. Scotiabank dropped their price target on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, Evercore ISI dropped their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $67.31.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock traded up $0.61 during trading hours on Thursday, hitting $54.05. 7,767,221 shares of the company were exchanged, compared to its average volume of 8,996,316. The business has a 50-day moving average of $55.29 and a 200-day moving average of $60.72. Occidental Petroleum has a 1 year low of $49.75 and a 1 year high of $71.18. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $48.95 billion, a price-to-earnings ratio of 14.77 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last issued 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. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 EPS. As a group, analysts expect that Occidental Petroleum will post 3.57 EPS for the current fiscal year.

Insider Activity at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the 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 completion of the sale, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.31% of the stock is owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently bought and sold shares of OXY. Berkshire Hathaway Inc increased its stake in shares of Occidental Petroleum by 8.7% in the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after buying an additional 19,586,612 shares during the last quarter. Himalaya Capital Management LLC bought a new position in shares of Occidental Petroleum during the second quarter worth about $92,433,000. Clean Energy Transition LLP acquired a new position in Occidental Petroleum in the first quarter worth about $67,601,000. Sarasin & Partners LLP acquired a new stake in Occidental Petroleum during the second quarter valued at approximately $63,880,000. Finally, Scharf Investments LLC acquired a new position in shares of Occidental Petroleum in the 2nd quarter worth approximately $42,744,000. 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.