Occidental Petroleum (NYSE:OXY) Price Target Cut to $59.00 by Analysts at UBS Group

Occidental Petroleum (NYSE:OXY) had its price target lowered by UBS Group from $70.00 to $59.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a neutral rating on the oil and gas producer’s stock.

A number of other research analysts also recently issued reports on OXY. Scotiabank decreased their price target on shares of 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. Stephens reiterated an overweight rating and set a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. Wolfe Research started coverage on Occidental Petroleum in a report on Thursday, July 18th. They issued an outperform rating and a $81.00 target price on the stock. Truist Financial lowered their price objective on Occidental Petroleum from $67.00 to $65.00 and set a hold rating for the company in a research report on Monday, August 12th. Finally, Wells Fargo & Company cut their target price on Occidental Petroleum from $68.00 to $65.00 and set an equal weight rating on the stock in a research report on Friday, August 9th. Nine equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $71.60.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $51.77 on Wednesday. The company has a market cap of $46.88 billion, a price-to-earnings ratio of 14.14 and a beta of 1.58. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a 52 week low of $49.90 and a 52 week high of $71.18. The company has a fifty day simple moving average of $57.29 and a two-hundred day simple moving average of $61.38.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results 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 company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. Occidental Petroleum’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 EPS. As a group, equities analysts anticipate that Occidental Petroleum will post 3.71 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s payout ratio is currently 24.04%.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’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 transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in OXY. Bluefin Capital Management LLC raised its stake in shares of Occidental Petroleum by 3.7% during the 2nd quarter. Bluefin Capital Management LLC now owns 48,996 shares of the oil and gas producer’s stock worth $3,088,000 after buying an additional 1,730 shares in the last quarter. Heritage Wealth Management Inc. acquired a new position in Occidental Petroleum during the second quarter worth $418,000. Gordian Capital Singapore Pte Ltd raised its position in Occidental Petroleum by 300,000.0% in the second quarter. Gordian Capital Singapore Pte Ltd now owns 6,002 shares of the oil and gas producer’s stock worth $378,000 after acquiring an additional 6,000 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Occidental Petroleum in the second quarter valued at $110,000. Finally, KGH Ltd purchased a new stake in shares of Occidental Petroleum during the 2nd quarter worth $5,295,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.