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

Occidental Petroleum (NYSE:OXY) had its target price lowered by investment analysts at Citigroup from $56.00 to $51.00 in a report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price objective points to a potential upside of 7.01% from the stock’s previous close.

OXY has been the topic of several other research reports. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Occidental Petroleum in a research note on Friday, February 21st. Piper Sandler dropped 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. StockNews.com downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, February 27th. Roth Capital set a $54.00 price target on Occidental Petroleum in a research note on Thursday, January 23rd. Finally, UBS Group lifted their price target on Occidental Petroleum from $54.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $60.45.

Occidental Petroleum Stock Up 0.8 %

NYSE:OXY opened at $47.66 on Monday. Occidental Petroleum has a 12-month low of $44.70 and a 12-month high of $71.19. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $44.73 billion, a P/E ratio of 19.53 and a beta of 1.51. The stock’s fifty day simple moving average is $48.80 and its 200-day simple moving average is $50.14.

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

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of Occidental Petroleum stock in a transaction that occurred on Friday, February 7th. The stock was acquired 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Berkshire Hathaway Inc grew its holdings in 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 worth $13,053,055,000 after purchasing an additional 8,896,890 shares during the period. Vanguard Group Inc. grew its holdings in Occidental Petroleum by 18.1% during the fourth quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock worth $3,365,992,000 after purchasing an additional 10,434,098 shares during the period. Geode Capital Management LLC grew its holdings in Occidental Petroleum by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer’s stock worth $701,816,000 after purchasing an additional 398,467 shares during the period. H&H International Investment LLC grew its holdings in 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 worth $475,389,000 after purchasing an additional 7,680,598 shares during the period. Finally, Northern Trust Corp grew its holdings in Occidental Petroleum by 7.5% during the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock worth $349,085,000 after purchasing an additional 491,797 shares during the period. Institutional investors own 88.70% of the company’s stock.

About Occidental Petroleum

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.