BMO Capital Markets Cuts Occidental Petroleum (NYSE:OXY) Price Target to $65.00

Occidental Petroleum (NYSE:OXY) had its price target decreased by equities researchers at BMO Capital Markets from $70.00 to $65.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “market perform” rating on the oil and gas producer’s stock. BMO Capital Markets’ price target would suggest a potential upside of 16.65% from the stock’s current price.

Several other equities analysts have also commented on the stock. Stephens restated an “overweight” rating and set a $76.00 price target on shares of Occidental Petroleum in a research report on Thursday, August 8th. Susquehanna cut their price target on Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Mizuho cut their target price on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Wells Fargo & Company cut their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Finally, Scotiabank lowered their target price on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $67.18.

Occidental Petroleum Stock Performance

Shares of OXY stock traded up $0.93 on Friday, hitting $55.72. 8,365,701 shares of the stock traded hands, compared to its average volume of 9,044,044. The company has a market capitalization of $50.46 billion, a PE ratio of 15.22 and a beta of 1.58. The company’s fifty day moving average is $55.17 and its 200 day moving average is $60.67. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. Occidental Petroleum has a 1-year low of $49.75 and a 1-year high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the firm earned $0.68 EPS. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts predict that Occidental Petroleum will post 3.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’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 completion of the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Investment Research & Advisory Group Inc. raised its position in shares of Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 167 shares during the period. LifeSteps Financial Inc. acquired a new position in Occidental Petroleum during the 1st quarter worth $34,000. Able Wealth Management LLC bought a new stake in Occidental Petroleum during the fourth quarter valued at about $38,000. New Covenant Trust Company N.A. bought a new position in shares of Occidental Petroleum in the first quarter worth about $44,000. Finally, LRI Investments LLC bought a new stake in Occidental Petroleum during the 1st quarter valued at approximately $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.