Occidental Petroleum (NYSE:OXY) Price Target Cut to $63.00

Occidental Petroleum (NYSE:OXY) had its target price reduced by investment analysts at Evercore ISI from $67.00 to $63.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “underperform” rating on the oil and gas producer’s stock. Evercore ISI’s price objective would suggest a potential upside of 18.31% from the stock’s current price.

A number of other brokerages have also recently issued reports on OXY. Stephens reiterated an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. Mizuho decreased their target price on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Truist Financial decreased their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday. Scotiabank decreased their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Finally, Susquehanna decreased their target price on Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average price target of $69.13.

Occidental Petroleum Stock Up 3.3 %

OXY opened at $53.25 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The stock has a market capitalization of $47.21 billion, a price-to-earnings ratio of 14.55 and a beta of 1.58. The business has a 50-day moving average of $55.42 and a two-hundred day moving average of $60.77. Occidental Petroleum has a 12 month low of $49.75 and a 12 month high of $71.18.

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

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum 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 transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently made changes to their positions in the company. Investment Research & Advisory Group Inc. raised its position in shares of Occidental Petroleum by 75.2% during 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 in the last quarter. LifeSteps Financial Inc. acquired a new stake in Occidental Petroleum in the first quarter worth $34,000. Able Wealth Management LLC acquired a new stake in Occidental Petroleum in the fourth quarter worth $38,000. New Covenant Trust Company N.A. acquired a new stake in Occidental Petroleum in the first quarter worth $44,000. Finally, LRI Investments LLC acquired a new stake in Occidental Petroleum in the first quarter worth $44,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.