JPMorgan Chase & Co. Has Lowered Expectations for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its target price dropped by research analysts at JPMorgan Chase & Co. from $59.00 to $52.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas producer’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 11.64% from the company’s previous close.

Several other equities analysts also recently commented on OXY. The Goldman Sachs Group downgraded shares of Occidental Petroleum from a “neutral” rating to a “sell” rating and cut their price target for the company from $54.00 to $45.00 in a report on Friday, January 31st. Roth Capital set a $54.00 price objective on shares of Occidental Petroleum in a research report on Thursday, January 23rd. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Occidental Petroleum in a research report on Friday, February 21st. UBS Group increased their target price on shares of Occidental Petroleum from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Finally, Piper Sandler lowered their target price on shares of Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday, March 6th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus price target of $60.68.

Occidental Petroleum Trading Up 2.5 %

Shares of Occidental Petroleum stock opened at $46.58 on Thursday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.76. Occidental Petroleum has a 1-year low of $44.70 and a 1-year high of $71.18. The company’s fifty day simple moving average is $48.95 and its 200-day simple moving average is $50.36. The stock has a market capitalization of $43.71 billion, a PE ratio of 19.09 and a beta of 1.51.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, topping the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business had revenue of $6.84 billion for the quarter, compared to analysts’ expectations of $7.14 billion. As a group, equities analysts anticipate that Occidental Petroleum will post 3.58 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were bought at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the acquisition, the insider now directly owns 264,941,431 shares of the company’s stock, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last three months, insiders have acquired 6,854,394 shares of company stock worth $315,101,532. 0.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently made changes to their positions in the stock. Certified Advisory Corp purchased a new stake in shares of Occidental Petroleum in the 4th quarter valued at approximately $476,000. Rule One Partners LLC acquired a new stake in Occidental Petroleum during the 3rd quarter worth $14,199,000. Fisher Asset Management LLC boosted its stake in Occidental Petroleum by 1.1% during the 4th quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer’s stock worth $30,320,000 after purchasing an additional 6,461 shares during the period. Sarasin & Partners LLP boosted its stake in Occidental Petroleum by 5.4% during the 4th quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock worth $48,942,000 after purchasing an additional 50,983 shares during the period. Finally, Weiss Asset Management LP purchased a new position in Occidental Petroleum during the 3rd quarter worth $2,509,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.