Occidental Petroleum (NYSE:OXY) Price Target Lowered to $58.00 at Stephens

Occidental Petroleum (NYSE:OXY - Free Report) had its price target lowered by Stephens from $60.00 to $58.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the oil and gas producer's stock.

Several other equities research analysts have also recently commented on the company. The Goldman Sachs Group cut Occidental Petroleum from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $54.00 to $45.00 in a report on Friday, January 31st. Wells Fargo & Company restated an "equal weight" rating on shares of Occidental Petroleum in a research report on Friday, February 21st. JPMorgan Chase & Co. reduced their price target on Occidental Petroleum from $59.00 to $52.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Roth Capital set a $54.00 target price on shares of Occidental Petroleum in a research report on Thursday, January 23rd. Finally, Truist Financial upped their price objective on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a report on Monday, January 13th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $55.81.

Occidental Petroleum Stock Up 3.3 %

NYSE:OXY traded up $1.27 during mid-day trading on Tuesday, hitting $39.72. The company had a trading volume of 13,284,802 shares, compared to its average volume of 10,816,904. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. Occidental Petroleum has a 1 year low of $34.79 and a 1 year high of $68.43. The firm has a market capitalization of $37.33 billion, a price-to-earnings ratio of 16.28 and a beta of 1.02. The business has a fifty day simple moving average of $45.75 and a 200-day simple moving average of $48.72.

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

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 10th were given a dividend of $0.24 per share. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.22. The ex-dividend date was Monday, March 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.42%. Occidental Petroleum's payout ratio is 39.34%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the company's stock in a transaction dated Friday, February 7th. The shares were acquired at an average price of $46.82 per share, with a total value of $35,724,455.94. Following the transaction, the insider now owns 264,941,431 shares of the company's stock, valued at $12,404,557,799.42. This represents a 0.29 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OXY. Wellington Management Group LLP boosted its stake in Occidental Petroleum by 8.3% in the third quarter. Wellington Management Group LLP now owns 103,072 shares of the oil and gas producer's stock valued at $5,312,000 after acquiring an additional 7,882 shares in the last quarter. XTX Topco Ltd raised its position in Occidental Petroleum by 42.8% during the third quarter. XTX Topco Ltd now owns 5,797 shares of the oil and gas producer's stock valued at $299,000 after acquiring an additional 1,738 shares in the last quarter. Virtu Financial LLC lifted its holdings in Occidental Petroleum by 1,181.3% in the third quarter. Virtu Financial LLC now owns 65,437 shares of the oil and gas producer's stock valued at $3,373,000 after acquiring an additional 60,330 shares during the period. Rule One Partners LLC acquired a new stake in Occidental Petroleum during the third quarter valued at $14,199,000. Finally, PVG Asset Management Corp acquired a new position in Occidental Petroleum in the 3rd quarter worth about $411,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

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.