Occidental Petroleum (NYSE:OXY) Price Target Cut to $51.00 by Analysts at Citigroup

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective dropped by equities research analysts at Citigroup from $56.00 to $51.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas producer's stock. Citigroup's target price points to a potential upside of 6.02% from the company's current price.

Several other equities research analysts have also recently commented on OXY. Truist Financial lifted their price target on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a research report on Monday, January 13th. Wells Fargo & Company reiterated an "equal weight" rating on shares of Occidental Petroleum in a research report on Friday, February 21st. The Goldman Sachs Group lowered Occidental Petroleum from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $54.00 to $45.00 in a research report on Friday, January 31st. JPMorgan Chase & Co. cut their target price on Occidental Petroleum from $59.00 to $52.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Finally, StockNews.com cut Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Thursday, February 27th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $60.45.

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Occidental Petroleum Price Performance

Shares of NYSE:OXY traded up $0.15 during trading on Monday, reaching $48.11. The stock had a trading volume of 4,774,523 shares, compared to its average volume of 9,895,137. The stock has a market capitalization of $45.15 billion, a PE ratio of 19.70 and a beta of 1.51. Occidental Petroleum has a 52 week low of $44.70 and a 52 week high of $71.19. The business's 50-day moving average price is $48.68 and its 200 day moving average price is $50.11. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.76.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.13. The company had revenue of $6.84 billion during the quarter, compared to analyst estimates of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. As a group, equities analysts predict that Occidental Petroleum will post 3.58 earnings per share for the current year.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the firm's stock in a transaction on Friday, February 7th. The shares were acquired at an average cost of $46.82 per share, with a total value of $35,724,455.94. Following the purchase, the insider now directly owns 264,941,431 shares of the company's stock, valued at approximately $12,404,557,799.42. This trade represents a 0.29 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.31% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of OXY. Certified Advisory Corp bought a new stake in shares of Occidental Petroleum during the fourth quarter valued at approximately $476,000. Rule One Partners LLC bought a new position in shares of Occidental Petroleum during the third quarter valued at $14,199,000. Fisher Asset Management LLC boosted its position in shares of Occidental Petroleum by 1.1% during the fourth quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer's stock valued at $30,320,000 after buying an additional 6,461 shares during the last quarter. Sarasin & Partners LLP raised its position in Occidental Petroleum by 5.4% in the 4th quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer's stock worth $48,942,000 after buying an additional 50,983 shares during the last quarter. Finally, Weiss Asset Management LP bought a new position in Occidental Petroleum during the 3rd quarter valued at about $2,509,000. 88.70% of the stock is currently owned by institutional investors.

About Occidental Petroleum

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, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.