Citigroup Lowers Occidental Petroleum (NYSE:OXY) Price Target to $51.00

Occidental Petroleum (NYSE:OXY) had its price objective dropped by equities research analysts at Citigroup from $56.00 to $51.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price target suggests a potential upside of 7.45% from the company’s previous close.

A number of other analysts also recently issued reports on OXY. JPMorgan Chase & Co. decreased their target price on Occidental Petroleum from $59.00 to $52.00 and set a “neutral” rating for the company in a research report on Thursday. Truist Financial lifted their price target on Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Monday, January 13th. StockNews.com downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, February 27th. Mizuho cut their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. Finally, Piper Sandler reduced their target price on Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, March 6th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $60.45.

Occidental Petroleum Trading Up 2.0 %

Occidental Petroleum stock traded up $0.94 during mid-day trading on Monday, hitting $47.47. 4,657,903 shares of the stock were exchanged, compared to its average volume of 11,198,163. Occidental Petroleum has a 12 month low of $44.70 and a 12 month high of $71.18. The firm’s fifty day simple moving average is $48.95 and its two-hundred day simple moving average is $50.27. The stock has a market capitalization of $44.55 billion, a price-to-earnings ratio of 19.45 and a beta of 1.51. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. The business had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. Analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was bought at an average cost of $46.82 per share, with a total value of $35,724,455.94. Following the completion of the acquisition, the insider now owns 264,941,431 shares of the company’s stock, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders bought 6,854,394 shares of company stock valued at $315,101,532 over the last quarter. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently modified their holdings of OXY. Altshuler Shaham Ltd acquired a new stake in shares of Occidental Petroleum in the fourth quarter valued at approximately $26,000. VSM Wealth Advisory LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at $27,000. Whipplewood Advisors LLC acquired a new stake in shares of Occidental Petroleum during the 4th quarter worth about $27,000. Bernard Wealth Management Corp. acquired a new position in Occidental Petroleum in the fourth quarter valued at about $32,000. Finally, Atala Financial Inc purchased a new position in Occidental Petroleum during the fourth quarter worth about $40,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.