Citigroup Lowers Occidental Petroleum (NYSE:OXY) Price Target to $60.00

Occidental Petroleum (NYSE:OXY) had its target price dropped by investment analysts at Citigroup from $62.00 to $60.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price objective indicates a potential upside of 9.30% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Roth Capital upped their price target on shares of Occidental Petroleum from $45.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Susquehanna lifted their price objective on Occidental Petroleum from $60.00 to $67.00 and gave the stock a “positive” rating in a research report on Tuesday, April 21st. Truist Financial reduced their target price on Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. JPMorgan Chase & Co. lowered their target price on Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Finally, Wolfe Research raised their price target on Occidental Petroleum from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $64.17.

Occidental Petroleum Trading Up 2.3%

NYSE:OXY opened at $54.89 on Friday. Occidental Petroleum has a 52-week low of $38.80 and a 52-week high of $67.45. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. The stock has a fifty day simple moving average of $54.80 and a 200-day simple moving average of $52.96. The company has a market capitalization of $54.60 billion, a PE ratio of 13.83 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.44 billion. During the same period in the prior year, the company earned $0.14 EPS. The firm’s revenue was down 8.3% on a year-over-year basis. On average, equities research analysts expect that Occidental Petroleum will post 5.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average price of $52.38 per share, with a total value of $249,852.60. Following the completion of the purchase, the chief executive officer owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. This represents a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Tema ETFs LLC lifted its stake in shares of Occidental Petroleum by 18.6% during the 2nd quarter. Tema ETFs LLC now owns 15,356 shares of the oil and gas producer’s stock worth $746,000 after purchasing an additional 2,405 shares during the period. Arista Wealth Management LLC purchased a new stake in shares of Occidental Petroleum in the second quarter valued at $365,000. Everhart Financial Group Inc. increased its stake in Occidental Petroleum by 6.2% in the second quarter. Everhart Financial Group Inc. now owns 11,774 shares of the oil and gas producer’s stock valued at $572,000 after purchasing an additional 685 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in Occidental Petroleum by 12.0% in the second quarter. Valeo Financial Advisors LLC now owns 21,119 shares of the oil and gas producer’s stock valued at $1,026,000 after purchasing an additional 2,264 shares during the last quarter. Finally, Polianta Ltd lifted its position in Occidental Petroleum by 17.8% during the second quarter. Polianta Ltd now owns 31,800 shares of the oil and gas producer’s stock worth $1,544,000 after buying an additional 4,800 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Company Profile

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.