Occidental Petroleum Co. (NYSE:OXY) Receives $62.10 Consensus Target Price from Analysts

Shares of Occidental Petroleum Co. (NYSE:OXY) have been given a consensus rating of “Hold” by the twenty-one research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $62.10.

Several equities analysts have recently issued reports on OXY shares. Wells Fargo & Company decreased their target price on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. Barclays reduced their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Piper Sandler lowered their target price on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group initiated coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 target price on the stock. Finally, Jefferies Financial Group boosted their price objective on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th.

Occidental Petroleum Price Performance

OXY opened at $51.35 on Wednesday. The company has a fifty day moving average price of $49.54 and a two-hundred day moving average price of $53.76. The firm has a market capitalization of $48.18 billion, a PE ratio of 13.37 and a beta of 1.57. Occidental Petroleum has a 52 week low of $45.17 and a 52 week high of $71.18. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.71%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were bought at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the completion of the transaction, the insider now owns 257,758,886 shares of the company’s stock, valued at approximately $11,921,348,477.50. This trade represents a 0.97 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 0.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in shares of Occidental Petroleum by 24.1% in the 2nd quarter. Victory Capital Management Inc. now owns 385,387 shares of the oil and gas producer’s stock valued at $24,291,000 after purchasing an additional 74,750 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Occidental Petroleum by 64.0% during the second quarter. Private Advisor Group LLC now owns 100,557 shares of the oil and gas producer’s stock worth $6,338,000 after purchasing an additional 39,230 shares during the last quarter. Savant Capital LLC grew its stake in shares of Occidental Petroleum by 15.2% in the second quarter. Savant Capital LLC now owns 17,375 shares of the oil and gas producer’s stock worth $1,095,000 after purchasing an additional 2,287 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter valued at about $53,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Occidental Petroleum in the second quarter valued at about $1,563,000. 88.70% of the stock is 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.