Occidental Petroleum (NYSE:OXY) Given New $60.00 Price Target at Citigroup

Occidental Petroleum (NYSE:OXY) had its price target decreased by Citigroup from $62.00 to $60.00 in a research report sent to investors on Friday,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas producer’s stock.

Other equities analysts also recently issued research reports about the stock. Truist Financial reduced their price objective on shares of Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating for the company in a research note on Friday, May 8th. The Goldman Sachs Group decreased their price target on shares of Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Morgan Stanley lowered their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. BMO Capital Markets boosted their price objective on shares of Occidental Petroleum from $60.00 to $65.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 7th. Finally, Jefferies Financial Group increased their target price on shares of Occidental Petroleum from $47.00 to $58.00 and gave the company a “hold” rating in a research report on Monday, April 13th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $64.17.

Occidental Petroleum Price Performance

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

Occidental Petroleum (NYSE:OXY) last released its quarterly 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. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter in the prior year, the firm earned $0.14 earnings per share. Occidental Petroleum’s revenue was down 8.3% on a year-over-year basis. Sell-side analysts predict that Occidental Petroleum will post 5.66 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

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

Insider Buying and Selling at Occidental Petroleum

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

Hedge Funds Weigh In On Occidental Petroleum

A number of large investors have recently bought and sold shares of the stock. Axiom Investment Management LLC purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at $25,000. GKV Capital Management Co. Inc. acquired a new stake in Occidental Petroleum during the first quarter worth about $26,000. Portus Wealth Advisors LLC purchased a new position in shares of Occidental Petroleum in the 1st quarter worth about $29,000. Caitlin John LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at about $29,000. Finally, Activest Wealth Management raised its stake in shares of Occidental Petroleum by 68.5% in the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock valued at $31,000 after acquiring an additional 305 shares during the period. Hedge funds and other institutional investors 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.