Occidental Petroleum (NYSE:OXY) PT Lowered to $59.00 at UBS Group

Occidental Petroleum (NYSE:OXY) had its target price lowered by UBS Group from $70.00 to $59.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas producer’s stock. UBS Group’s price target would suggest a potential upside of 13.94% from the company’s previous close.

OXY has been the topic of a number of other reports. Wells Fargo & Company lowered their price target on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Stephens reissued an “overweight” rating and issued a $76.00 price objective on shares of Occidental Petroleum in a research report on Thursday, August 8th. Truist Financial reduced their target price on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Citigroup lowered their price target on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a report on Friday, May 24th. Finally, Scotiabank cut their price objective on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Nine analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $71.60.

Occidental Petroleum Stock Down 0.5 %

Shares of OXY stock traded down $0.28 on Wednesday, hitting $51.78. The stock had a trading volume of 1,691,849 shares, compared to its average volume of 8,562,762. Occidental Petroleum has a one year low of $49.90 and a one year high of $71.18. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The company has a market cap of $46.89 billion, a PE ratio of 14.15 and a beta of 1.58. The business has a 50 day moving average price of $57.48 and a 200 day moving average price of $61.45.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $6.93 billion. During the same quarter in the prior year, the business earned $0.68 earnings per share. Occidental Petroleum’s revenue was up 2.2% on a year-over-year basis. Research analysts anticipate that Occidental Petroleum will post 3.71 earnings per share for the current fiscal year.

Insider Activity at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated 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 owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently made changes to their positions in OXY. Coldstream Capital Management Inc. grew its position in Occidental Petroleum by 100.7% in the 4th quarter. Coldstream Capital Management Inc. now owns 15,083 shares of the oil and gas producer’s stock worth $901,000 after purchasing an additional 7,568 shares during the last quarter. Quest Partners LLC purchased a new stake in Occidental Petroleum during the fourth quarter valued at about $670,000. InterOcean Capital Group LLC boosted its stake in Occidental Petroleum by 5.3% in the 4th quarter. InterOcean Capital Group LLC now owns 11,001 shares of the oil and gas producer’s stock worth $657,000 after purchasing an additional 555 shares during the period. Commerce Bank raised its stake in Occidental Petroleum by 0.9% during the 4th quarter. Commerce Bank now owns 31,159 shares of the oil and gas producer’s stock valued at $1,861,000 after purchasing an additional 271 shares during the period. Finally, TCW Group Inc. acquired a new stake in shares of Occidental Petroleum in the fourth quarter worth $6,361,000. 88.70% of the stock is owned by 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.