Evercore ISI Trims Occidental Petroleum (NYSE:OXY) Target Price to $63.00

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

Several other research firms have also recently issued reports on OXY. Truist Financial decreased their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday. Wolfe Research initiated coverage on Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price target for the company. Susquehanna decreased their target price on Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Wells Fargo & Company decreased their target price on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Finally, 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 research note on Friday, July 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $69.13.

Occidental Petroleum Trading Up 3.3 %

NYSE:OXY opened at $53.25 on Monday. Occidental Petroleum has a 1 year low of $49.75 and a 1 year high of $71.18. The stock has a market cap of $47.21 billion, a price-to-earnings ratio of 14.55 and a beta of 1.58. The business has a fifty day moving average of $55.42 and a 200-day moving average of $60.77. 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 (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping 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 prior year, the business posted $0.68 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities analysts predict that Occidental Petroleum will post 3.57 earnings per share for the current year.

Insider Activity

In other news, 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 completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently bought and sold shares of the business. Berkshire Hathaway Inc lifted its stake in Occidental Petroleum by 8.7% in 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 acquiring an additional 19,586,612 shares in the last quarter. American Century Companies Inc. lifted 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 worth $233,687,000 after acquiring an additional 532,318 shares in the last quarter. Epoch Investment Partners Inc. lifted its stake in Occidental Petroleum by 20.1% in 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 in the last quarter. Himalaya Capital Management LLC purchased a new stake in Occidental Petroleum in the 2nd quarter worth about $92,433,000. Finally, Cooke & Bieler LP lifted its stake in Occidental Petroleum by 53.1% in the 2nd quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock worth $91,398,000 after acquiring an additional 503,173 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other 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.