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

Key Points

• Citigroup lowered its price target on Occidental Petroleum from $62 to $60 while keeping a neutral rating, implying about 9.6% upside from the prior close.
• Occidental shares rose 2.1% to $54.76, and the company’s latest quarter beat EPS expectations at $1.06 vs. $0.60 expected, though revenue came in below estimates and fell year over year.
• Analyst sentiment remains mixed overall: the stock has a consensus Hold rating with an average price target of $64.17, and CEO Richard A. Jackson recently bought additional shares in the company.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective reduced by stock analysts at Citigroup from $62.00 to $60.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the oil and gas producer's stock. Citigroup's price target indicates a potential upside of 9.56% from the company's previous close.

Other equities analysts have also issued reports about the company. UBS Group decreased their target price on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating for the company in a research report on Thursday, May 7th. Truist Financial reduced their price objective on shares of Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating on the stock in a research note on Friday, May 8th. Wolfe Research upped their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company an "outperform" rating in a research note on Monday, April 6th. HSBC raised their price target on Occidental Petroleum from $59.00 to $68.00 and gave the stock a "buy" rating in a research report on Friday, March 20th. Finally, Scotiabank raised their price objective on shares of Occidental Petroleum from $46.00 to $57.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Ten equities research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $64.17.

Occidental Petroleum Trading Up 2.1%

OXY stock traded up $1.11 during midday trading on Friday, reaching $54.76. The stock had a trading volume of 4,644,058 shares, compared to its average volume of 13,785,402. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The firm has a market cap of $54.47 billion, a price-to-earnings ratio of 13.79 and a beta of 0.15. The business has a fifty day simple moving average of $54.77 and a two-hundred day simple moving average of $52.94.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.46. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company's revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.14 EPS. As a group, research analysts expect that Occidental Petroleum will post 5.82 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Richard A. Jackson acquired 4,770 shares of the company's stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the purchase, 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 can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the company. Axiom Investment Management LLC bought a new stake in Occidental Petroleum in the first quarter valued at approximately $25,000. GKV Capital Management Co. Inc. bought a new position in Occidental Petroleum during the 1st quarter worth $26,000. Portus Wealth Advisors LLC acquired a new stake in shares of Occidental Petroleum during the first quarter worth $29,000. Caitlin John LLC bought a new stake in shares of Occidental Petroleum in the fourth quarter valued at about $29,000. Finally, Activest Wealth Management grew its stake in shares of Occidental Petroleum by 68.5% in the fourth 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 in the last quarter. 88.70% of the stock is owned by institutional investors.

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.

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