Occidental Petroleum (NYSE:OXY) Price Target Raised to $58.00

Occidental Petroleum (NYSE:OXY) had its target price upped by Truist Financial from $56.00 to $58.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a hold rating on the oil and gas producer’s stock.

Several other research firms have also recently issued reports on OXY. Wells Fargo & Company decreased their price target on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. Piper Sandler lowered their target price on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Raymond James boosted their price target on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Scotiabank lowered their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Jefferies Financial Group increased their target price on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Stock Up 1.2 %

Shares of NYSE:OXY opened at $52.68 on Monday. The company has a market capitalization of $49.43 billion, a P/E ratio of 13.72 and a beta of 1.57. The stock’s fifty day simple moving average is $49.62 and its 200-day simple moving average is $53.61. Occidental Petroleum has a 52-week low of $45.17 and a 52-week high of $71.18. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were issued a dividend of $0.22 per share. The ex-dividend date was Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.67%. Occidental Petroleum’s payout ratio is currently 22.92%.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the stock in a transaction dated Thursday, December 19th. The stock was bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the purchase, the insider now directly owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Fortitude Family Office LLC raised its position in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in Occidental Petroleum in the third quarter valued at $32,000. Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum during the 3rd quarter valued at $50,000. Exchange Traded Concepts LLC acquired a new position in Occidental Petroleum during the 3rd quarter worth $87,000. Finally, Kennebec Savings Bank bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth about $93,000. Hedge funds and other 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.