Barclays Cuts Occidental Petroleum (NYSE:OXY) Price Target to $71.00

Occidental Petroleum (NYSE:OXY) had its target price reduced by Barclays from $75.00 to $71.00 in a report released on Monday morning,Benzinga reports. They currently have an overweight rating on the oil and gas producer’s stock.

A number of other equities research analysts have also recently commented on OXY. Truist Financial increased their price target on Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a research note on Monday, August 10th. JPMorgan Chase & Co. dropped their price target on Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. The Goldman Sachs Group cut their price objective on shares of Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, June 30th. Scotiabank increased their price objective on shares of Occidental Petroleum from $46.00 to $57.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Finally, Capital One Financial lifted their target price on shares of Occidental Petroleum from $67.00 to $70.00 in a research note on Wednesday, May 27th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $64.83.

Occidental Petroleum Price Performance

NYSE OXY opened at $60.06 on Monday. The firm’s fifty day simple moving average is $54.34 and its two-hundred day simple moving average is $55.32. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. Occidental Petroleum has a 12-month low of $38.80 and a 12-month high of $67.45. The firm has a market capitalization of $60.04 billion, a P/E ratio of 9.30, a P/E/G ratio of 0.81 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating the consensus estimate of $1.83 by $0.57. The firm had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business’s revenue for the quarter was up 53.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.39 EPS. Analysts forecast that Occidental Petroleum will post 5.81 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a $0.28 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a yield of 1.9%. Occidental Petroleum’s dividend payout ratio is currently 16.10%.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson bought 4,770 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, June 23rd. The stock was 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 in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is owned by insiders.

Institutional Trading of Occidental Petroleum

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Woodline Partners LP grew its position in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after acquiring an additional 16,506 shares during the period. Marshall Wace LLP purchased a new stake in Occidental Petroleum in the 2nd quarter worth $4,584,000. Federated Hermes Inc. raised its position in Occidental Petroleum by 696.7% during the second quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after acquiring an additional 20,985 shares during the period. Daiwa Securities Group Inc. raised its position in Occidental Petroleum by 7.4% during the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after acquiring an additional 7,285 shares during the period. Finally, AXA S.A. lifted its holdings in Occidental Petroleum by 24.3% during the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock valued at $5,740,000 after purchasing an additional 26,741 shares in the last quarter. 88.70% of the stock is 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.