Citigroup Lowers Occidental Petroleum (NYSE:OXY) Price Target to $51.00

Occidental Petroleum (NYSE:OXY) had its price target trimmed by Citigroup from $56.00 to $51.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas producer’s stock.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of Occidental Petroleum from $59.00 to $52.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Stephens reiterated an “overweight” rating and set a $71.00 price target on shares of Occidental Petroleum in a research note on Wednesday, February 19th. Piper Sandler lowered their price objective on Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, March 6th. Truist Financial increased their target price on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Finally, Mizuho dropped their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $60.45.

Occidental Petroleum Stock Up 0.7 %

Shares of NYSE OXY opened at $47.96 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.76. The company has a 50-day moving average price of $48.74 and a 200-day moving average price of $50.12. The stock has a market capitalization of $45.01 billion, a P/E ratio of 19.66 and a beta of 1.51. Occidental Petroleum has a 1 year low of $44.70 and a 1 year high of $71.19.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The firm had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. On average, equities research analysts forecast that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be paid a $0.24 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, March 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.00%. Occidental Petroleum’s dividend payout ratio is 39.34%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were purchased at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the acquisition, the insider now owns 264,941,431 shares of the company’s stock, valued at approximately $12,404,557,799.42. This trade represents a 0.29 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently modified their holdings of the company. Berkshire Hathaway Inc increased its stake in shares of Occidental Petroleum by 3.5% during the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer’s stock valued at $13,053,055,000 after buying an additional 8,896,890 shares during the period. Vanguard Group Inc. boosted its position in Occidental Petroleum by 18.1% during the 4th quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock valued at $3,365,992,000 after acquiring an additional 10,434,098 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Occidental Petroleum by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer’s stock worth $701,816,000 after acquiring an additional 398,467 shares during the period. H&H International Investment LLC boosted its position in shares of Occidental Petroleum by 497.7% during the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after purchasing an additional 7,680,598 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Occidental Petroleum by 7.5% in the 4th quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock worth $349,085,000 after buying an additional 491,797 shares during the period. 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.