Scotiabank Lowers Occidental Petroleum (NYSE:OXY) Price Target to $65.00

Occidental Petroleum (NYSE:OXY) had its price target decreased by equities research analysts at Scotiabank from $80.00 to $65.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the oil and gas producer’s stock. Scotiabank’s price target would suggest a potential upside of 18.79% from the company’s previous close.

OXY has been the subject of several other research reports. StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. Barclays lowered their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. BMO Capital Markets decreased their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. Wolfe Research started coverage on shares of Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 target price for the company. Finally, Evercore ISI dropped their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research note on Monday, September 30th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and an average price target of $66.29.

Occidental Petroleum Stock Performance

Shares of OXY stock traded up $0.82 during trading on Thursday, hitting $54.72. The company’s stock had a trading volume of 3,627,659 shares, compared to its average volume of 9,106,792. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The company has a market cap of $48.52 billion, a PE ratio of 14.95 and a beta of 1.57. The business has a fifty day moving average of $54.74 and a 200-day moving average of $60.41. Occidental Petroleum has a 52 week low of $49.75 and a 52 week high of $71.18.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 EPS. As a group, research analysts anticipate that Occidental Petroleum will post 3.49 earnings per share for the current year.

Insider Activity

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction dated 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 transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Institutional Trading of Occidental Petroleum

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Berkshire Hathaway Inc grew its position in shares of Occidental Petroleum by 8.7% in the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after buying an additional 19,586,612 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after purchasing an additional 532,318 shares during the period. Epoch Investment Partners Inc. boosted its stake in shares of Occidental Petroleum by 20.1% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock valued at $104,707,000 after purchasing an additional 277,462 shares in the last quarter. Himalaya Capital Management LLC bought a new stake in Occidental Petroleum during the 2nd quarter valued at approximately $92,433,000. Finally, Cooke & Bieler LP raised its position in shares of Occidental Petroleum by 53.1% in the 2nd quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock worth $91,398,000 after acquiring an additional 503,173 shares in the last quarter. Institutional investors 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.