Occidental Petroleum (NYSE:OXY – Get Free Report) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.
Several other research analysts have also recently issued reports on the stock. Stephens reissued an “overweight” rating and set a $74.00 price target on shares of Occidental Petroleum in a report on Thursday, February 15th. Truist Financial dropped their target price on shares of Occidental Petroleum from $80.00 to $77.00 and set a “buy” rating for the company in a report on Friday, February 16th. Wolfe Research cut shares of Occidental Petroleum from an “outperform” rating to a “peer perform” rating in a report on Friday, November 10th. Raymond James dropped their target price on shares of Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Finally, Wells Fargo & Company increased their target price on shares of Occidental Petroleum from $59.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, February 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $70.06.
Occidental Petroleum Price Performance
Shares of OXY opened at $60.61 on Friday. Occidental Petroleum has a fifty-two week low of $55.12 and a fifty-two week high of $67.67. The company has a market capitalization of $53.31 billion, a price-to-earnings ratio of 15.50, a price-to-earnings-growth ratio of 1.82 and a beta of 1.64. The firm has a 50-day simple moving average of $58.69 and a 200-day simple moving average of $60.98. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92.
Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. The firm had revenue of $7.53 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.61 earnings per share. On average, equities research analysts anticipate that Occidental Petroleum will post 3.88 earnings per share for the current year.
Insider Buying and Selling
In other news, major shareholder Berkshire Hathaway Inc purchased 3,200,799 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were purchased at an average price of $56.55 per share, with a total value of $181,005,183.45. Following the purchase, the insider now directly owns 238,533,189 shares of the company’s stock, valued at approximately $13,489,051,837.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 8,720,708 shares of company stock valued at $505,766,000 in the last quarter. Company insiders own 0.31% of the company’s stock.
Institutional Investors Weigh In On Occidental Petroleum
Hedge funds and other institutional investors have recently modified their holdings of the stock. Berkshire Hathaway Inc boosted its holdings in shares of Occidental Petroleum by 8.7% in the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after buying an additional 19,586,612 shares during the period. Moneta Group Investment Advisors LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at about $267,173,000. Bank of New York Mellon Corp boosted its stake in Occidental Petroleum by 24.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer’s stock valued at $779,983,000 after purchasing an additional 2,334,651 shares during the period. American Century Companies Inc. boosted its stake in Occidental Petroleum by 600.4% during the 3rd quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock valued at $145,520,000 after purchasing an additional 1,922,656 shares during the period. Finally, First Trust Advisors LP boosted its stake in Occidental Petroleum by 87.9% during the 1st quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer’s stock valued at $185,885,000 after purchasing an additional 1,532,100 shares during the period. Institutional investors own 77.54% 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, North Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.