Truist Financial Cuts Occidental Petroleum (NYSE:OXY) Price Target to $67.00

Occidental Petroleum (NYSE:OXY) had its target price decreased by Truist Financial from $69.00 to $67.00 in a report released on Monday morning, Benzinga reports. Truist Financial currently has a hold rating on the oil and gas producer’s stock.

Several other research analysts also recently commented on OXY. Wells Fargo & Company dropped their price target on Occidental Petroleum from $69.00 to $68.00 and set an equal weight rating on the stock in a research report on Friday, July 12th. Barclays began coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They issued an equal weight rating and a $73.00 price target on the stock. HSBC began coverage on Occidental Petroleum in a research report on Monday, April 8th. They set a hold rating and a $65.00 price objective on the stock. Scotiabank lowered their price objective on Occidental Petroleum from $90.00 to $80.00 and set a sector outperform rating on the stock in a research report on Friday, July 12th. Finally, Morgan Stanley boosted their price objective on Occidental Petroleum from $66.00 to $72.00 and gave the company an overweight rating in a research report on Thursday, March 28th. Ten investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $72.31.

Occidental Petroleum Stock Down 0.6 %

Shares of Occidental Petroleum stock opened at $60.06 on Monday. The firm has a market cap of $53.25 billion, a price-to-earnings ratio of 16.41 and a beta of 1.61. 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 has a 52-week low of $55.12 and a 52-week high of $71.18. The stock has a 50-day simple moving average of $61.69 and a 200-day simple moving average of $62.00.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $6.70 billion. During the same period last year, the business earned $1.09 EPS. The firm’s revenue was down 17.2% compared to the same quarter last year. On average, equities research analysts expect that Occidental Petroleum will post 3.72 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, June 10th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Monday, June 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of Occidental Petroleum stock in a transaction on Friday, June 7th. The shares were bought at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the purchase, the insider now owns 250,583,605 shares in the company, valued at $14,952,323,710.35. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have acquired 4,656,747 shares of company stock valued at $278,664,028. 0.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the business. Schwartz Investment Counsel Inc. lifted its stake in shares of Occidental Petroleum by 13.1% during the second quarter. Schwartz Investment Counsel Inc. now owns 216,430 shares of the oil and gas producer’s stock valued at $13,642,000 after acquiring an additional 25,000 shares during the period. LRI Investments LLC lifted its stake in shares of Occidental Petroleum by 34.6% during the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock valued at $57,000 after acquiring an additional 233 shares during the period. Keynote Financial Services LLC lifted its stake in shares of Occidental Petroleum by 1.8% during the second quarter. Keynote Financial Services LLC now owns 33,758 shares of the oil and gas producer’s stock valued at $2,128,000 after acquiring an additional 590 shares during the period. Retirement Systems of Alabama lifted its stake in shares of Occidental Petroleum by 1.0% during the second quarter. Retirement Systems of Alabama now owns 146,687 shares of the oil and gas producer’s stock valued at $9,246,000 after acquiring an additional 1,416 shares during the period. Finally, Traynor Capital Management Inc. acquired a new position in shares of Occidental Petroleum during the second quarter valued at $504,000. Institutional investors and hedge funds 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.