Occidental Petroleum (NYSE:OXY – Get Free Report) had its price objective reduced by analysts at Truist Financial from $80.00 to $77.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the oil and gas producer’s stock. Truist Financial’s target price would suggest a potential upside of 28.10% from the company’s current price.
OXY has been the topic of a number of other research reports. Morgan Stanley upgraded shares of Occidental Petroleum from an “equal weight” rating to an “overweight” rating and set a $68.00 price objective on the stock in a report on Monday, December 11th. Raymond James dropped their price target on Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. StockNews.com cut Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Mizuho downgraded shares of Occidental Petroleum from a “buy” rating to a “neutral” rating and set a $63.00 target price on the stock. in a research note on Wednesday, January 3rd. Finally, Stephens reiterated an “overweight” rating and issued a $74.00 target price on shares of Occidental Petroleum in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and an average target price of $70.24.
Occidental Petroleum Trading Up 4.9 %
NYSE:OXY opened at $60.11 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.92 and a quick ratio of 0.70. Occidental Petroleum has a one year low of $55.12 and a one year high of $67.67. The firm has a 50-day moving average of $58.28 and a 200-day moving average of $61.19. The company has a market cap of $52.92 billion, a PE ratio of 15.37 and a beta of 1.64.
Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The firm had revenue of $7.53 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 20.98% and a net margin of 16.24%. The business’s revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.61 earnings per share. As a group, equities research analysts expect that Occidental Petroleum will post 4.14 EPS for the current fiscal year.
Insider Activity
In other news, major shareholder Berkshire Hathaway Inc acquired 3,200,799 shares of Occidental Petroleum stock in a transaction on Wednesday, December 13th. The shares were acquired at an average price of $56.55 per share, with a total value of $181,005,183.45. Following the purchase, the insider now directly owns 238,533,189 shares in the company, valued at approximately $13,489,051,837.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have purchased a total of 8,720,708 shares of company stock worth $505,766,000 over the last quarter. Insiders own 0.31% of the company’s stock.
Hedge Funds Weigh In On Occidental Petroleum
Several large investors have recently modified their holdings of OXY. Berkshire Hathaway Inc increased its position in shares of Occidental Petroleum by 8.7% during the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after purchasing an additional 19,586,612 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new position in shares of Occidental Petroleum during the 4th quarter valued at approximately $267,173,000. Bank of New York Mellon Corp increased its position in shares of Occidental Petroleum by 24.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer’s stock valued at $779,983,000 after purchasing an additional 2,334,651 shares during the last quarter. American Century Companies Inc. increased its position in shares of Occidental Petroleum by 600.4% during the 3rd quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock valued at $145,520,000 after purchasing an additional 1,922,656 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Occidental Petroleum by 87.9% during the first quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer’s stock valued at $185,885,000 after buying an additional 1,532,100 shares during the last quarter. Institutional investors own 77.54% of the company’s stock.
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, North Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Occidental Petroleum, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Occidental Petroleum wasn’t on the list.
While Occidental Petroleum currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
Looking to generate income with your stock portfolio? Use these ten stocks to generate a safe and reliable source of investment income.
Source: marketbeat.com
