Occidental Petroleum (NYSE:OXY) Price Target Lowered to $56.00 at Truist Financial

by · The Markets Daily

Occidental Petroleum (NYSE:OXY – Free Report) had its price target lowered by Truist Financial from $65.00 to $56.00 in a research report report published on Monday, Benzinga reports. Truist Financial currently has a hold rating on the oil and gas producer’s stock.

Several other equities research analysts have also recently issued reports on the company. Scotiabank cut their price target on Occidental Petroleum from $90.00 to $80.00 and set a sector outperform rating for the company in a research note on Friday, July 12th. Wolfe Research started coverage on Occidental Petroleum in a research report on Thursday, July 18th. They set an outperform rating and a $81.00 target price for the company. Wells Fargo & Company decreased their price target on Occidental Petroleum from $65.00 to $56.00 and set an equal weight rating on the stock in a research report on Friday, September 27th. UBS Group cut their price objective on shares of Occidental Petroleum from $70.00 to $59.00 and set a neutral rating for the company in a research report on Wednesday, September 18th. Finally, Susquehanna decreased their target price on shares of Occidental Petroleum from $81.00 to $78.00 and set a positive rating on the stock in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $68.25.

Check Out Our Latest Analysis on Occidental Petroleum

Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $53.45 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 firm has a market cap of $48.41 billion, a price-to-earnings ratio of 14.60 and a beta of 1.58. The stock’s fifty day moving average price is $55.29 and its two-hundred day moving average price is $60.72. Occidental Petroleum has a one year low of $49.75 and a one year high of $71.18.

Occidental Petroleum (NYSE:OXY – Get Free Report) last released 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 net margin of 16.62% and a return on equity of 17.91%. The business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the prior year, the company posted $0.68 earnings per share. Occidental Petroleum’s revenue was up 2.2% compared to the same quarter last year. On average, equities analysts forecast that Occidental Petroleum will post 3.57 EPS for the current year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently made changes to their positions in OXY. CapWealth Advisors LLC increased its position in Occidental Petroleum by 2.7% during the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock valued at $397,000 after purchasing an additional 162 shares during the period. Meeder Advisory Services Inc. raised its stake in Occidental Petroleum by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after buying an additional 164 shares during the last quarter. Investment Research & Advisory Group Inc. lifted its holdings in 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 buying an additional 167 shares during the period. Earnest Partners LLC boosted its position in Occidental Petroleum by 2.6% during the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after acquiring an additional 173 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its holdings in Occidental Petroleum by 0.8% during the 1st quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock worth $1,359,000 after acquiring an additional 175 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

(Get Free Report)

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.

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