Truist Financial Cuts Occidental Petroleum (NYSE:OXY) Price Target to $85.00

Posted by Defense World Staff on May 14th, 2023

Occidental Petroleum (NYSE:OXY – Get Rating) had its target price decreased by Truist Financial from $86.00 to $85.00 in a research report report published on Thursday, The Fly reports.

Several other equities research analysts also recently weighed in on OXY. Citigroup increased their target price on shares of Occidental Petroleum from $63.00 to $66.00 and gave the company a neutral rating in a research note on Tuesday, April 11th. Raymond James raised their target price on shares of Occidental Petroleum from $75.00 to $80.00 and gave the stock a strong-buy rating in a report on Friday, April 21st. TD Cowen upgraded shares of Occidental Petroleum from a market perform rating to an outperform rating and raised their target price for the stock from $63.00 to $70.00 in a report on Tuesday, March 28th. Susquehanna raised their target price on shares of Occidental Petroleum from $72.00 to $75.00 and gave the stock a positive rating in a report on Friday, April 21st. Finally, Barclays raised their price target on Occidental Petroleum from $70.00 to $78.00 in a research note on Friday, March 17th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $72.83.

Occidental Petroleum Trading Up 0.3 %

OXY stock opened at $58.09 on Thursday. The firm has a fifty day moving average price of $61.09 and a 200 day moving average price of $64.09. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.88 and a current ratio of 1.15. Occidental Petroleum has a fifty-two week low of $54.30 and a fifty-two week high of $77.13. The firm has a market cap of $51.80 billion, a PE ratio of 6.65, a price-to-earnings-growth ratio of 0.46 and a beta of 1.78.

Occidental Petroleum (NYSE:OXY – Get Rating) last announced its earnings results on Tuesday, May 9th. The oil and gas producer reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.21). Occidental Petroleum had a return on equity of 52.68% and a net margin of 35.87%. The company had revenue of $7.23 billion during the quarter, compared to analysts’ expectations of $7.37 billion. During the same quarter last year, the firm posted $2.12 EPS. Occidental Petroleum’s revenue for the quarter was down 15.3% compared to the same quarter last year. Sell-side analysts anticipate that Occidental Petroleum will post 5.81 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 9th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $0.72 annualized dividend and a dividend yield of 1.24%. Occidental Petroleum’s dividend payout ratio is currently 8.25%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 1,789,529 shares of Occidental Petroleum stock in a transaction dated Monday, March 27th. The stock was purchased at an average cost of $59.32 per share, with a total value of $106,154,860.28. Following the transaction, the insider now owns 211,707,119 shares in the company, valued at approximately $12,558,466,299.08. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders purchased 12,371,716 shares of company stock valued at $735,557,715. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of OXY. Orion Capital Management LLC bought a new position in shares of Occidental Petroleum during the 4th quarter worth approximately $26,000. Wolff Wiese Magana LLC increased its position in Occidental Petroleum by 5,000.0% during the 1st quarter. Wolff Wiese Magana LLC now owns 510 shares of the oil and gas producer’s stock valued at $32,000 after buying an additional 500 shares in the last quarter. Hanseatic Management Services Inc. acquired a new position in Occidental Petroleum during the 4th quarter valued at about $33,000. Cyrus J. Lawrence LLC acquired a new position in Occidental Petroleum during the 1st quarter valued at about $33,000. Finally, Strengthening Families & Communities LLC acquired a new position in Occidental Petroleum during the 1st quarter valued at about $35,000. Institutional investors own 78.45% of the company’s stock.

About Occidental Petroleum

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Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.