Stephens Cuts Occidental Petroleum (NYSE:OXY) Price Target to $69.00

Occidental Petroleum (NYSE:OXY) had its price target decreased by Stephens from $73.00 to $69.00 in a report published on Tuesday,Benzinga reports. Stephens currently has an overweight rating on the oil and gas producer’s stock.

A number of other research firms also recently commented on OXY. Capital One Financial boosted their price objective on Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Raymond James Financial increased their price objective on Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Wolfe Research boosted their price objective on Occidental Petroleum from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Susquehanna lifted their target price on shares of Occidental Petroleum from $60.00 to $67.00 and gave the stock a “positive” rating in a research report on Tuesday, April 21st. Finally, Truist Financial cut their price target on shares of Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $64.26.

Occidental Petroleum Trading Down 0.3%

Shares of OXY stock opened at $53.62 on Tuesday. The firm has a market capitalization of $53.33 billion, a PE ratio of 13.51 and a beta of 0.15. The stock has a fifty day moving average of $54.77 and a two-hundred day moving average of $52.94. Occidental Petroleum has a 1 year low of $38.80 and a 1 year high of $67.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 1.21.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.46. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. Occidental Petroleum’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.14 EPS. As a group, research analysts expect that Occidental Petroleum will post 5.82 EPS for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Wednesday, June 10th. Occidental Petroleum’s payout ratio is 26.20%.

Insider Activity at Occidental Petroleum

In related news, CEO Richard A. Jackson acquired 4,770 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the transaction, the chief executive officer owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Occidental Petroleum

Institutional investors have recently bought and sold shares of the company. Axiom Investment Management LLC purchased a new stake in shares of Occidental Petroleum during the 1st quarter worth about $25,000. GKV Capital Management Co. Inc. bought a new stake in Occidental Petroleum in the first quarter worth $26,000. Portus Wealth Advisors LLC bought a new position in Occidental Petroleum during the first quarter valued at about $29,000. Caitlin John LLC acquired a new stake in shares of Occidental Petroleum in the fourth quarter worth about $29,000. Finally, Activest Wealth Management lifted its position in shares of Occidental Petroleum by 68.5% in the fourth quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 305 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.