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

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

Several other research firms have also recently commented on OXY. Stephens restated an overweight rating and set a $76.00 price target on shares of Occidental Petroleum in a report on Thursday, August 8th. 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. Wolfe Research assumed coverage on Occidental Petroleum in a report on Thursday, July 18th. They set an outperform rating and a $81.00 price objective for the company. Susquehanna boosted their target price on Occidental Petroleum from $70.00 to $81.00 and gave the company a positive rating in a research note on Monday, April 22nd. Finally, Scotiabank cut their price target 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. Ten investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $71.94.

Occidental Petroleum Stock Down 0.9 %

NYSE OXY opened at $56.94 on Monday. The company’s 50 day simple moving average is $60.67 and its 200 day simple moving average is $62.13. The company has a market capitalization of $51.57 billion, a P/E ratio of 15.56 and a beta of 1.61. Occidental Petroleum has a 12 month low of $55.04 and a 12 month high of $71.18. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.68 EPS. Equities research analysts expect that Occidental Petroleum will post 3.63 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 annualized dividend and a yield of 1.55%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 524,340 shares of Occidental Petroleum stock in a transaction dated Wednesday, June 5th. The stock was bought at an average cost of $59.75 per share, with a total value of $31,329,315.00. Following the completion of the transaction, the insider now owns 248,542,468 shares of the company’s stock, valued at $14,850,412,463. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired a total of 4,656,747 shares of company stock valued at $278,664,028 in the last three months. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OXY. Caxton Associates LP raised its holdings in Occidental Petroleum by 317.6% in the 2nd quarter. Caxton Associates LP now owns 40,512 shares of the oil and gas producer’s stock valued at $2,553,000 after acquiring an additional 30,812 shares in the last quarter. Gateway Advisory LLC lifted its position in Occidental Petroleum by 3.9% in the second quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock worth $306,000 after purchasing an additional 184 shares during the period. Himalaya Capital Management LLC acquired a new stake in Occidental Petroleum during the second quarter worth $92,433,000. Cheviot Value Management LLC bought a new stake in Occidental Petroleum in the 2nd quarter valued at $2,220,000. Finally, Evergreen Capital Management LLC raised its stake in shares of Occidental Petroleum by 7.3% in the 2nd quarter. Evergreen Capital Management LLC now owns 4,782 shares of the oil and gas producer’s stock valued at $302,000 after buying an additional 326 shares in the last quarter. Institutional investors and hedge funds own 88.70% 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, 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.