Occidental Petroleum (NYSE:OXY) Price Target Cut to $59.00 by Analysts at UBS Group

Occidental Petroleum (NYSE:OXY) had its target price reduced by equities research analysts at UBS Group from $70.00 to $59.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas producer’s stock. UBS Group’s price objective would indicate a potential upside of 13.40% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Mizuho dropped their price target on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday. Citigroup dropped their price target 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 dropped their price target on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Scotiabank lowered their price objective on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Finally, Wolfe Research assumed coverage on Occidental Petroleum in a report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $71.60.

Occidental Petroleum Stock Up 0.5 %

OXY opened at $52.03 on Wednesday. The business’s 50-day simple moving average is $57.10 and its 200-day simple moving average is $61.32. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. Occidental Petroleum has a one year low of $49.90 and a one year high of $71.18. The stock has a market capitalization of $47.12 billion, a P/E ratio of 14.22 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 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 for the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. Analysts anticipate that Occidental Petroleum will post 3.71 EPS for the current year.

Insider Activity at Occidental Petroleum

In related news, 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 stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OXY. Investment Research & Advisory Group Inc. raised its holdings in Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares during the last quarter. LifeSteps Financial Inc. acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth $34,000. Able Wealth Management LLC acquired a new stake in shares of Occidental Petroleum during the 4th quarter worth $38,000. New Covenant Trust Company N.A. acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth $44,000. Finally, LRI Investments LLC acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth $44,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.