Occidental Petroleum (NYSE:OXY) PT Lowered to $78.00 at Susquehanna

Occidental Petroleum (NYSE:OXY) had its target price trimmed by Susquehanna from $81.00 to $78.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a positive rating on the oil and gas producer’s stock.

Other research analysts have also recently issued research reports about the stock. Wolfe Research started coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They set an outperform rating and a $81.00 price target for the company. Truist Financial lowered their price target on shares of Occidental Petroleum from $67.00 to $65.00 and set a hold rating for the company in a report on Monday, August 12th. Citigroup lowered their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a neutral rating for the company in a report on Friday, May 24th. Scotiabank lowered their target price on shares of 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, Stephens restated an overweight rating and issued a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. Ten investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $71.50.

Occidental Petroleum Price Performance

Shares of OXY opened at $52.03 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a fifty-two week low of $51.79 and a fifty-two week high of $71.18. The company has a market cap of $47.12 billion, a P/E ratio of 14.22 and a beta of 1.58. The firm’s 50 day moving average price is $58.96 and its 200 day moving average price is $61.88.

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, topping 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 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 posted $0.68 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. On average, research analysts forecast that Occidental Petroleum will post 3.69 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.69%. 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 news, major shareholder Berkshire Hathaway Inc acquired 765,899 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was bought at an average price of $60.28 per share, for a total transaction of $46,168,391.72. Following the transaction, the insider now owns 252,333,913 shares in the company, valued at $15,210,688,275.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc acquired 765,899 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was bought at an average price of $60.28 per share, for a total transaction of $46,168,391.72. Following the transaction, the insider now owns 252,333,913 shares in the company, valued at $15,210,688,275.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The disclosure for this sale can be found here. Insiders acquired a total of 2,745,563 shares of company stock worth $164,581,732 in the last 90 days. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of large investors have recently made changes to their positions in the stock. CapWealth Advisors LLC increased its holdings in shares of Occidental Petroleum by 2.7% in 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 in the last quarter. Meeder Advisory Services Inc. increased its holdings in shares of Occidental Petroleum by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock valued at $553,000 after purchasing an additional 164 shares in the last quarter. Investment Research & Advisory Group Inc. increased its holdings in shares of Occidental Petroleum by 75.2% in 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 purchasing an additional 167 shares in the last quarter. Earnest Partners LLC increased its holdings in shares of Occidental Petroleum by 2.6% in the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after purchasing an additional 173 shares in the last quarter. Finally, Proficio Capital Partners LLC increased its holdings in shares of Occidental Petroleum by 0.8% in the 1st quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock valued at $1,359,000 after purchasing an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.