Occidental Petroleum (NYSE:OXY) Price Target Lowered to $60.00 at Citigroup

Occidental Petroleum (NYSE:OXY) had its price objective dropped by analysts at Citigroup from $62.00 to $60.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s target price would indicate a potential upside of 9.56% from the company’s current price.

OXY has been the topic of a number of other research reports. Barclays upgraded shares of Occidental Petroleum from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $59.00 to $72.00 in a research report on Tuesday, May 26th. Mizuho lifted their target price on shares of Occidental Petroleum from $72.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Stephens dropped their target price on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Tuesday. Capital One Financial increased their price target on Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Finally, Susquehanna lifted their price objective on Occidental Petroleum from $60.00 to $67.00 and gave the stock a “positive” rating in a research report on Tuesday, April 21st. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $64.17.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock traded up $1.11 during trading on Friday, reaching $54.76. 4,644,058 shares of the company’s stock were exchanged, compared to its average volume of 13,785,402. 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 has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a market cap of $54.47 billion, a P/E ratio of 13.79 and a beta of 0.15. The firm’s 50-day moving average price is $54.77 and its 200 day moving average price is $52.94.

Occidental Petroleum (NYSE:OXY) 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. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company’s quarterly revenue was down 8.3% on a year-over-year basis. During the same quarter last year, the business posted $0.14 earnings per share. As a group, research analysts anticipate that Occidental Petroleum will post 5.82 earnings per share for the current year.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson bought 4,770 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the acquisition, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds have recently modified their holdings of OXY. Axiom Investment Management LLC purchased a new position in shares of Occidental Petroleum in the 1st quarter worth approximately $25,000. GKV Capital Management Co. Inc. bought a new stake in Occidental Petroleum during the first quarter worth $26,000. Portus Wealth Advisors LLC bought a new stake in Occidental Petroleum during the first quarter worth $29,000. Caitlin John LLC purchased a new position in Occidental Petroleum in the fourth quarter worth $29,000. Finally, Activest Wealth Management grew its stake in Occidental Petroleum by 68.5% in the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 305 shares during the period. Institutional investors own 88.70% of the company’s stock.

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.