Occidental Petroleum (NYSE:OXY) PT Raised to $70.00 at UBS Group

Occidental Petroleum (NYSE:OXY) had its price objective raised by analysts at UBS Group from $69.00 to $70.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas producer’s stock. UBS Group’s target price points to a potential upside of 24.96% from the stock’s current price.

OXY has been the subject of a number of other reports. Wells Fargo & Company lowered their price target on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Mizuho lifted their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Scotiabank dropped their price objective on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Stephens reissued an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. Finally, Truist Financial dropped their price target 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. Ten investment 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. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $71.69.

Occidental Petroleum Stock Down 0.3 %

Shares of NYSE:OXY opened at $56.02 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The stock has a market cap of $49.67 billion, a price-to-earnings ratio of 15.31 and a beta of 1.61. The company has a 50 day moving average of $60.35 and a 200-day moving average of $62.10. Occidental Petroleum has a one year low of $55.04 and a one year high of $71.18.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the business posted $0.68 EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts forecast that Occidental Petroleum will post 3.7 earnings per share for the current year.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc acquired 524,340 shares of Occidental Petroleum stock in a transaction dated Wednesday, June 5th. The shares were purchased at an average price of $59.75 per share, with a total value of $31,329,315.00. Following the acquisition, the insider now owns 248,542,468 shares of the company’s stock, valued at $14,850,412,463. The disclosure for this purchase can be found here. Insiders have acquired 4,656,747 shares of company stock worth $278,664,028 over the last 90 days. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OXY. Mackenzie Financial Corp grew its stake in shares of Occidental Petroleum by 6.2% in the fourth quarter. Mackenzie Financial Corp now owns 33,615 shares of the oil and gas producer’s stock valued at $2,007,000 after acquiring an additional 1,964 shares in the last quarter. abrdn plc boosted its holdings in Occidental Petroleum by 69.3% in the 4th quarter. abrdn plc now owns 286,532 shares of the oil and gas producer’s stock valued at $17,109,000 after purchasing an additional 117,317 shares during the period. OLD National Bancorp IN grew its position in shares of Occidental Petroleum by 52.1% during the 4th quarter. OLD National Bancorp IN now owns 5,991 shares of the oil and gas producer’s stock worth $358,000 after purchasing an additional 2,051 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of Occidental Petroleum during the fourth quarter worth approximately $168,000. Finally, Cutter & CO Brokerage Inc. raised its position in shares of Occidental Petroleum by 2.9% in the fourth quarter. Cutter & CO Brokerage Inc. now owns 74,499 shares of the oil and gas producer’s stock valued at $4,448,000 after buying an additional 2,107 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

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.