The Goldman Sachs Group Lowers Occidental Petroleum (NYSE:OXY) Price Target to $60.00

Key Points

• Goldman Sachs lowered Occidental Petroleum’s price target from $64 to $60 while keeping a neutral rating, implying modest upside from the prior close.
• Other analysts have mixed views on OXY, with recent target changes ranging from cuts to raises; overall, the stock holds a Hold consensus and an average price target of $63.30.
• Occidental shares were trading around $49.40, and the company recently beat earnings expectations with $1.06 EPS versus $0.60 expected, though revenue came in below estimates.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective dropped by equities research analysts at The Goldman Sachs Group from $64.00 to $60.00 in a report released on Tuesday,MarketScreener reports. The firm currently has a "neutral" rating on the oil and gas producer's stock. The Goldman Sachs Group's price target points to a potential upside of 21.46% from the stock's previous close.

A number of other research firms have also recently issued reports on OXY. Truist Financial decreased their target price on Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating on the stock in a research report on Friday, May 8th. Wolfe Research increased their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Barclays upgraded shares of Occidental Petroleum from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $59.00 to $72.00 in a research note on Tuesday, May 26th. Mizuho upped their price objective on shares of Occidental Petroleum from $72.00 to $75.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Finally, Morgan Stanley dropped their price objective on shares of Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a research note on Friday. Nine equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of "Hold" and an average target price of $63.30.

Occidental Petroleum Price Performance

OXY traded up $0.31 during trading on Tuesday, hitting $49.40. 679,343 shares of the stock traded hands, compared to its average volume of 14,117,312. The business has a 50 day moving average price of $56.20 and a 200 day moving average price of $51.91. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a market cap of $49.13 billion, a price-to-earnings ratio of 12.42 and a beta of 0.14.

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 for the quarter, beating analysts' consensus estimates of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter last year, the business posted $0.14 EPS. The company's revenue was down 8.3% compared to the same quarter last year. Equities research analysts forecast that Occidental Petroleum will post 5.79 earnings per share for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Occidental Petroleum

Large investors have recently modified their holdings of the business. Whittier Trust Co. of Nevada Inc. raised its stake in Occidental Petroleum by 12.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock worth $111,000 after buying an additional 196 shares during the period. Athena Wealth Management LLC grew its stake in Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock valued at $1,206,000 after acquiring an additional 214 shares during the period. Carrera Capital Advisors increased its holdings in shares of Occidental Petroleum by 0.5% during the fourth quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer's stock valued at $1,831,000 after acquiring an additional 227 shares in the last quarter. Summit Securities Group LLC raised its position in shares of Occidental Petroleum by 18.5% during the fourth quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer's stock worth $60,000 after purchasing an additional 229 shares during the period. Finally, Apella Capital LLC lifted its holdings in shares of Occidental Petroleum by 3.4% in the 4th quarter. Apella Capital LLC now owns 7,019 shares of the oil and gas producer's stock worth $289,000 after purchasing an additional 233 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.