Occidental Petroleum (NYSE:OXY) Given New $51.00 Price Target at Citigroup

Occidental Petroleum (NYSE:OXY) had its price target lowered by Citigroup from $56.00 to $51.00 in a research report released on Monday,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas producer’s stock.

Several other analysts have also recently commented on the company. Truist Financial raised their price target on Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a report on Monday, January 13th. Raymond James cut Occidental Petroleum from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $81.00 to $64.00 in a report on Monday, March 10th. The Goldman Sachs Group cut Occidental Petroleum from a “neutral” rating to a “sell” rating and reduced their price target for the company from $54.00 to $45.00 in a report on Friday, January 31st. UBS Group raised their price target on Occidental Petroleum from $54.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Finally, StockNews.com cut Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Thursday, February 27th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.45.

Occidental Petroleum Stock Up 1.7 %

Occidental Petroleum stock opened at $47.31 on Monday. Occidental Petroleum has a twelve month low of $44.70 and a twelve month high of $71.19. The stock has a 50 day moving average of $48.88 and a two-hundred day moving average of $50.20. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $44.40 billion, a price-to-earnings ratio of 19.39 and a beta of 1.51.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. The company had revenue of $6.84 billion during the quarter, compared to analysts’ expectations of $7.14 billion. As a group, research analysts expect that Occidental Petroleum will post 3.58 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be issued a dividend of $0.24 per share. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, March 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.03%. Occidental Petroleum’s dividend payout ratio (DPR) is 39.34%.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the firm’s stock in a transaction dated Thursday, December 19th. The shares were acquired at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the acquisition, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. boosted its holdings in Occidental Petroleum by 43.2% in the third quarter. Victory Capital Management Inc. now owns 551,759 shares of the oil and gas producer’s stock valued at $28,438,000 after acquiring an additional 166,372 shares during the last quarter. KBC Group NV boosted its holdings in Occidental Petroleum by 0.8% in the third quarter. KBC Group NV now owns 52,408 shares of the oil and gas producer’s stock valued at $2,702,000 after acquiring an additional 438 shares during the last quarter. OneDigital Investment Advisors LLC boosted its holdings in Occidental Petroleum by 2.0% in the third quarter. OneDigital Investment Advisors LLC now owns 20,639 shares of the oil and gas producer’s stock valued at $1,064,000 after acquiring an additional 410 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in Occidental Petroleum by 8.9% in the third quarter. CIBC Asset Management Inc now owns 103,863 shares of the oil and gas producer’s stock valued at $5,353,000 after acquiring an additional 8,524 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in Occidental Petroleum by 0.3% in the third quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock valued at $101,720,000 after acquiring an additional 5,200 shares during the last quarter. 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.