Occidental Petroleum (NYSE:OXY) Price Target Cut to $69.00 by Analysts at Stephens

Key Points

• Stephens cut Occidental Petroleum’s price target from $73 to $69 while keeping an overweight rating, implying about 25.34% upside from the current share price.
• Other analysts have been mixed on OXY, and MarketBeat now shows a consensus Hold rating with an average price target of $64.26.
• Occidental recently reported Q1 earnings of $1.06 per share, beating estimates, while revenue of $5.11 billion came in below expectations and declined 8.3% year over year.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its target price dropped by analysts at Stephens from $73.00 to $69.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the oil and gas producer's stock. Stephens' price target indicates a potential upside of 25.34% from the company's current price.

A number of other equities research analysts also recently commented on the stock. Truist Financial lowered their price target on shares of Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating for the company in a report on Friday, May 8th. Morgan Stanley decreased their target price on shares of Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Friday, June 26th. Zacks Research downgraded Occidental Petroleum from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. HSBC lifted their price objective on Occidental Petroleum from $59.00 to $68.00 and gave the company a "buy" rating in a research report on Friday, March 20th. Finally, Wells Fargo & Company increased their target price on Occidental Petroleum from $69.00 to $72.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. 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, Occidental Petroleum presently has a consensus rating of "Hold" and a consensus price target of $64.26.

Occidental Petroleum Price Performance

NYSE OXY traded up $0.24 during trading hours on Tuesday, reaching $55.05. The company's stock had a trading volume of 1,810,877 shares, compared to its average volume of 13,871,769. The company's 50-day moving average is $54.89 and its two-hundred day moving average is $52.64. The stock has a market cap of $54.76 billion, a PE ratio of 13.85 and a beta of 0.15. Occidental Petroleum has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 1.21.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.46. The business had revenue of $5.11 billion during the quarter, compared to analysts' expectations 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 was down 8.3% on a year-over-year basis. During the same period last year, the company posted $0.14 EPS. Analysts forecast that Occidental Petroleum will post 5.93 EPS for the current year.

Insider Buying and Selling at Occidental Petroleum

In other news, CEO Richard A. Jackson bought 4,770 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares of the company's stock, valued at $23,261,853.24. This represents a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.50% of the company's stock.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in OXY. Axiom Investment Management LLC acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at about $25,000. GKV Capital Management Co. Inc. purchased a new position in Occidental Petroleum in the first quarter valued at approximately $26,000. Portus Wealth Advisors LLC acquired a new position in Occidental Petroleum during the first quarter valued at approximately $29,000. Ballast Advisors LLC acquired a new position in Occidental Petroleum during the first quarter valued at approximately $39,000. Finally, Whipplewood Advisors LLC purchased a new stake in Occidental Petroleum during the first quarter worth approximately $42,000. 88.70% of the stock is currently 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.

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