Truist Financial Cuts Occidental Petroleum (NYSE:OXY) Price Target to $65.00

Occidental Petroleum (NYSE:OXY) had its price objective trimmed by Truist Financial from $67.00 to $65.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the oil and gas producer’s stock.

OXY has been the subject of several other reports. Scotiabank lowered their price target on Occidental Petroleum from $90.00 to $80.00 and set a sector outperform rating for the company in a research report on Friday, July 12th. Wolfe Research started coverage on Occidental Petroleum in a research report on Thursday, July 18th. They issued an outperform rating and a $81.00 target price for the company. Stephens reissued an overweight rating and set a $76.00 price target on shares of Occidental Petroleum in a research report on Thursday, August 8th. Mizuho lifted their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a neutral rating in a report on Wednesday, May 8th. Finally, Wells Fargo & Company cut their target price on shares of Occidental Petroleum from $68.00 to $65.00 and set an equal weight rating on the stock in a research note on Friday, August 9th. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $71.94.

Occidental Petroleum Stock Up 1.5 %

Shares of OXY opened at $57.81 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The firm has a market cap of $51.26 billion, a P/E ratio of 15.80 and a beta of 1.61. The company’s 50-day moving average price is $60.62 and its 200 day moving average price is $62.10. Occidental Petroleum has a 12-month low of $55.04 and a 12-month high of $71.18.

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, beating analysts’ consensus estimates 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 previous year, the firm earned $0.68 EPS. The business’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts forecast that Occidental Petroleum will post 3.63 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is presently 24.04%.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 1,386,844 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were acquired at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the transaction, the insider now owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders acquired 4,656,747 shares of company stock valued at $278,664,028. 0.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Swedbank AB purchased a new position in shares of Occidental Petroleum during the first quarter worth about $12,547,000. Cullen Investment Group LTD. acquired a new stake in shares of Occidental Petroleum in the 4th quarter valued at about $1,006,000. Allspring Global Investments Holdings LLC grew its stake in Occidental Petroleum by 139.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 78,529 shares of the oil and gas producer’s stock worth $5,104,000 after buying an additional 45,722 shares during the last quarter. Bridgefront Capital LLC acquired a new position in Occidental Petroleum during the fourth quarter worth approximately $763,000. Finally, Alberta Investment Management Corp boosted its holdings in shares of Occidental Petroleum by 143.2% in the fourth quarter. Alberta Investment Management Corp now owns 36,475 shares of the oil and gas producer’s stock valued at $2,178,000 after acquiring an additional 21,475 shares during the period. 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.