Occidental Petroleum (NYSE:OXY) Price Target Lowered to $75.00 at Raymond James

Posted by Defense World Staff on Jul 25th, 2023

Occidental Petroleum (NYSE:OXY – Free Report) had its target price decreased by Raymond James from $80.00 to $75.00 in a report published on Monday morning, Benzinga reports. Raymond James currently has a strong-buy rating on the oil and gas producer’s stock.

Several other equities analysts have also issued reports on the company. Truist Financial cut their target price on Occidental Petroleum from $82.00 to $74.00 in a research note on Monday. Citigroup boosted their target price on shares of Occidental Petroleum from $63.00 to $66.00 and gave the stock a neutral rating in a report on Tuesday, April 11th. Susquehanna reduced their target price on shares of Occidental Petroleum from $75.00 to $72.00 and set a positive rating for the company in a report on Friday. Evercore ISI reduced their target price on shares of Occidental Petroleum from $60.00 to $59.00 in a report on Monday, July 10th. Finally, Mizuho cut their price objective on shares of Occidental Petroleum from $79.00 to $67.00 in a report on Friday, May 19th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $69.19.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $62.32 on Monday. The firm has a market cap of $55.57 billion, a P/E ratio of 7.14, a P/E/G ratio of 0.63 and a beta of 1.75. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.96. Occidental Petroleum has a 12 month low of $55.51 and a 12 month high of $77.13. The stock’s fifty day moving average price is $58.94 and its 200-day moving average price is $60.92.

Occidental Petroleum (NYSE:OXY – Get Free Report) last announced its quarterly earnings results on Tuesday, May 9th. The oil and gas producer reported $1.09 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.21). The firm had revenue of $7.23 billion for the quarter, compared to analysts’ expectations of $7.37 billion. Occidental Petroleum had a net margin of 27.06% and a return on equity of 45.10%. The business’s quarterly revenue was down 15.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.12 EPS. On average, equities research analysts expect that Occidental Petroleum will post 4.38 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 9th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, June 8th. This represents a $0.72 annualized dividend and a yield of 1.16%. Occidental Petroleum’s dividend payout ratio is presently 8.25%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 2,203,753 shares of the stock in a transaction on Tuesday, May 30th. The shares were acquired at an average price of $58.30 per share, for a total transaction of $128,478,799.90. Following the transaction, the insider now owns 221,990,942 shares in the company, valued at approximately $12,942,071,918.60. The purchase was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have purchased 6,469,323 shares of company stock worth $376,269,362. Corporate insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently bought and sold shares of the stock. Vontobel Holding Ltd. lifted its position in shares of Occidental Petroleum by 1.7% during the 2nd quarter. Vontobel Holding Ltd. now owns 16,348 shares of the oil and gas producer’s stock valued at $961,000 after buying an additional 280 shares in the last quarter. Dfpg Investments LLC lifted its position in shares of Occidental Petroleum by 32.0% during the 2nd quarter. Dfpg Investments LLC now owns 147,091 shares of the oil and gas producer’s stock valued at $8,849,000 after buying an additional 35,627 shares in the last quarter. Accel Wealth Management lifted its position in shares of Occidental Petroleum by 5,527.3% during the 2nd quarter. Accel Wealth Management now owns 52,278 shares of the oil and gas producer’s stock valued at $3,074,000 after buying an additional 51,349 shares in the last quarter. Cumberland Advisors Inc. lifted its position in shares of Occidental Petroleum by 3.0% during the 2nd quarter. Cumberland Advisors Inc. now owns 41,100 shares of the oil and gas producer’s stock valued at $2,417,000 after buying an additional 1,200 shares in the last quarter. Finally, Achmea Investment Management B.V. lifted its position in shares of Occidental Petroleum by 88.5% during the 2nd quarter. Achmea Investment Management B.V. now owns 3,020 shares of the oil and gas producer’s stock valued at $178,000 after buying an additional 1,418 shares in the last quarter. Hedge funds and other institutional investors own 78.31% of the company’s stock.

Occidental Petroleum Company Profile

(Get Free Report)

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, North Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.