Occidental Petroleum (NYSE:OXY) PT Lowered to $56.00

Occidental Petroleum (NYSE:OXY) had its price objective lowered by analysts at Truist Financial from $65.00 to $56.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price objective would indicate a potential upside of 5.16% from the company’s current price.

Several other brokerages also recently weighed in on OXY. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, September 27th. Stephens reiterated an “overweight” rating and set a $76.00 price objective on shares of Occidental Petroleum in a research note on Thursday, August 8th. Scotiabank reduced 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. Wells Fargo & Company dropped their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. Finally, Mizuho lowered their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $69.13.

Occidental Petroleum Stock Up 3.3 %

OXY opened at $53.25 on Monday. The stock’s fifty day moving average is $55.42 and its 200-day moving average is $60.77. The company has a market capitalization of $47.21 billion, a PE ratio of 14.55 and a beta of 1.58. 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 $49.75 and a one year 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 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. Occidental Petroleum’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 earnings per share. On average, equities analysts predict that Occidental Petroleum will post 3.57 EPS for the current fiscal year.

Insider Activity

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OXY. Berkshire Hathaway Inc increased its stake in shares of Occidental Petroleum by 8.7% during the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after purchasing an additional 19,586,612 shares during the last quarter. American Century Companies Inc. raised its stake in Occidental Petroleum by 16.8% in 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. lifted its holdings in Occidental Petroleum by 20.1% during the second quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock valued at $104,707,000 after purchasing an additional 277,462 shares during the last quarter. Himalaya Capital Management LLC purchased a new position in shares of Occidental Petroleum in the second quarter worth about $92,433,000. Finally, Cooke & Bieler LP raised its position 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 valued at $91,398,000 after purchasing an additional 503,173 shares during the period. 88.70% of the stock is owned by institutional investors.

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.