Wells Fargo & Company Raises Occidental Petroleum (NYSE:OXY) Price Target to $69.00

Occidental Petroleum (NYSE:OXYFree Report) had its price objective raised by Wells Fargo & Company from $68.00 to $69.00 in a research report report published on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the oil and gas producer’s stock.

A number of other brokerages have also recently issued reports on OXY. Susquehanna increased their price objective on shares of Occidental Petroleum from $70.00 to $81.00 and gave the stock a positive rating in a research note on Monday, April 22nd. Truist Financial downgraded Occidental Petroleum from a buy rating to a hold rating and lowered their price objective for the company from $84.00 to $69.00 in a research report on Thursday, May 16th. Barclays started coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They set an equal weight rating and a $73.00 target price for the company. Citigroup lowered their price target on Occidental Petroleum from $69.00 to $65.00 and set a neutral rating on the stock in a report on Friday, May 24th. Finally, StockNews.com raised shares of Occidental Petroleum from a sell rating to a hold rating in a report on Friday, March 15th. Eleven analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of Hold and a consensus target price of $71.56.

Get Our Latest Stock Analysis on OXY

Occidental Petroleum Trading Down 2.4 %

Shares of OXY stock opened at $60.92 on Friday. Occidental Petroleum has a 1 year low of $55.12 and a 1 year high of $71.18. The firm has a fifty day moving average price of $63.32 and a 200-day moving average price of $61.54. The company has a market cap of $54.01 billion, a price-to-earnings ratio of 16.64 and a beta of 1.59. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71.

Occidental Petroleum (NYSE:OXYGet Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.70 billion. During the same quarter in the prior year, the business posted $1.09 earnings per share. The business’s quarterly revenue was down 17.2% on a year-over-year basis. As a group, equities analysts predict that Occidental Petroleum will post 3.87 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.44%. The ex-dividend date is Monday, June 10th. Occidental Petroleum’s dividend payout ratio is presently 24.04%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 334,461 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was purchased at an average cost of $59.75 per share, for a total transaction of $19,984,044.75. Following the purchase, the insider now directly owns 255,281,524 shares of the company’s stock, valued at approximately $15,253,071,059. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have bought 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

Several hedge funds have recently added to or reduced their stakes in OXY. Investment Research & Advisory Group Inc. grew its holdings in shares of Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 167 shares during the last quarter. Orion Capital Management LLC purchased a new stake in Occidental Petroleum during the 3rd quarter valued at about $27,000. TLW Wealth Management LLC acquired a new position in shares of Occidental Petroleum in the fourth quarter valued at about $28,000. Grove Bank & Trust raised its stake in shares of Occidental Petroleum by 86.0% in the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 240 shares during the last quarter. Finally, Criterion Capital Advisors LLC acquired a new stake in shares of Occidental Petroleum during the fourth quarter worth about $34,000. 88.70% of the stock is owned by institutional investors and hedge funds.

About Occidental Petroleum

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

Receive News & Ratings for Occidental Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Occidental Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.