Occidental Petroleum (NYSE:OXY) Price Target Cut to $48.00 by Analysts at Piper Sandler

Occidental Petroleum (NYSE:OXY) had its target price dropped by equities researchers at Piper Sandler from $50.00 to $48.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas producer’s stock. Piper Sandler’s target price would suggest a potential upside of 19.18% from the stock’s previous close.

Several other analysts also recently commented on OXY. Truist Financial boosted their target price 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. Morgan Stanley set a $58.00 price target on Occidental Petroleum and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Roth Capital set a $54.00 target price on Occidental Petroleum in a research report on Thursday, January 23rd. Stephens reduced their price objective on shares of Occidental Petroleum from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Finally, StockNews.com downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Thursday, February 27th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $55.24.

Occidental Petroleum Stock Up 3.2 %

NYSE:OXY traded up $1.25 during trading hours on Tuesday, hitting $40.27. 2,887,853 shares of the company’s stock traded hands, compared to its average volume of 10,796,533. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. Occidental Petroleum has a twelve month low of $34.79 and a twelve month high of $68.43. The stock’s fifty day moving average price is $45.39 and its two-hundred day moving average price is $48.43. The firm has a market cap of $37.85 billion, a P/E ratio of 16.50 and a beta of 1.02.

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

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the company’s stock in a transaction dated Friday, February 7th. The stock was bought at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the transaction, the insider now directly owns 264,941,431 shares in the company, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OXY. Altshuler Shaham Ltd acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at $26,000. Whipplewood Advisors LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at approximately $27,000. VSM Wealth Advisory LLC bought a new stake in shares of Occidental Petroleum during the fourth quarter worth $27,000. Bernard Wealth Management Corp. acquired a new stake in shares of Occidental Petroleum in the 4th quarter valued at about $32,000. Finally, Grove Bank & Trust raised its position in Occidental Petroleum by 129.2% in the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock valued at $36,000 after buying an additional 407 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.