Occidental Petroleum (NYSE:OXY) Stock Price Expected to Rise, Truist Financial Analyst Says

Occidental Petroleum (NYSE:OXY) had its price target lifted by Truist Financial from $56.00 to $58.00 in a report released on Monday morning,Benzinga reports. Truist Financial currently has a hold rating on the oil and gas producer’s stock.

A number of other equities research analysts have also recently weighed in on the company. The Goldman Sachs Group initiated coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target on the stock. Piper Sandler dropped their price objective on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Susquehanna reduced their target price on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a report on Thursday, November 14th. Bank of America assumed coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target on the stock. Finally, Evercore ISI reduced their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $62.19.

Occidental Petroleum Trading Up 2.8 %

Shares of NYSE:OXY opened at $52.74 on Monday. The company has a 50-day simple moving average of $49.59 and a 200 day simple moving average of $53.69. The company has a market capitalization of $49.49 billion, a P/E ratio of 13.73 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. Occidental Petroleum has a 52-week low of $45.17 and a 52-week high of $71.18.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is presently 22.92%.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was acquired at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the transaction, the insider now directly owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This represents a 1.39 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 0.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OXY. Fortitude Family Office LLC grew its holdings in shares of Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in Occidental Petroleum in the third quarter valued at approximately $32,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum during the third quarter worth $50,000. Exchange Traded Concepts LLC acquired a new position in shares of Occidental Petroleum during the third quarter worth $87,000. Finally, Kennebec Savings Bank bought a new position in shares of Occidental Petroleum in the 3rd quarter valued at $93,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.