Occidental Petroleum (NYSE:OXY) Given New $56.00 Price Target at Wells Fargo & Company

Occidental Petroleum (NYSE:OXY) had its target price cut by Wells Fargo & Company from $65.00 to $56.00 in a research note published on Friday morning, Benzinga reports. They currently have an equal weight rating on the oil and gas producer’s stock.

A number of other equities research analysts have also weighed in on OXY. Wolfe Research began coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They set an outperform rating and a $81.00 target price on the stock. Truist Financial cut their price objective 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. Mizuho decreased their target price on Occidental Petroleum from $76.00 to $72.00 and set a neutral rating for the company in a research report on Monday, September 16th. 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. Finally, UBS Group decreased their price objective on Occidental Petroleum from $70.00 to $59.00 and set a neutral rating for the company in a report on Wednesday, September 18th. Nine equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Occidental Petroleum has a consensus rating of Hold and an average price target of $70.21.

Occidental Petroleum Stock Up 2.2 %

NYSE OXY opened at $51.03 on Friday. The business’s 50-day moving average is $55.76 and its 200 day moving average is $60.91. The stock has a market capitalization of $46.21 billion, a PE ratio of 13.94 and a beta of 1.58. 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 earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The company 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 firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 earnings per share. Sell-side analysts forecast that Occidental Petroleum will post 3.57 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s payout ratio is presently 24.04%.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction 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 $5,923,116,413.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently made changes to their positions in the business. Berkshire Hathaway Inc grew its holdings in Occidental Petroleum by 8.7% during the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after purchasing an additional 19,586,612 shares during the period. American Century Companies Inc. grew its stake in shares of Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after acquiring an additional 532,318 shares during the period. Epoch Investment Partners Inc. raised its stake in Occidental Petroleum by 20.1% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock worth $104,707,000 after acquiring an additional 277,462 shares during the period. Himalaya Capital Management LLC purchased a new position in Occidental Petroleum during the second quarter valued at approximately $92,433,000. Finally, Cooke & Bieler LP increased its stake in shares of Occidental Petroleum by 53.1% in the second quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock worth $91,398,000 after purchasing an additional 503,173 shares in the last quarter. Institutional investors 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.