Occidental Petroleum (NYSE:OXY) Given New $46.00 Price Target at Scotiabank

Occidental Petroleum (NYSE:OXY) had its price objective dropped by equities researchers at Scotiabank from $47.00 to $46.00 in a report released on Friday,MarketScreener reports. The brokerage presently has a “sector perform” rating on the oil and gas producer’s stock. Scotiabank’s target price points to a potential upside of 7.63% from the stock’s previous close.

Several other analysts also recently weighed in on OXY. Mizuho lifted their target price on shares of Occidental Petroleum from $60.00 to $64.00 and gave the company an “outperform” rating in a report on Tuesday, November 11th. HSBC dropped their price objective on Occidental Petroleum from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. Wells Fargo & Company decreased their target price on Occidental Petroleum from $42.00 to $40.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 12th. Piper Sandler dropped their target price on Occidental Petroleum from $47.00 to $46.00 and set a “neutral” rating for the company in a research report on Tuesday, November 18th. Finally, Citigroup reduced their price target on shares of Occidental Petroleum from $49.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and an average target price of $49.43.

Occidental Petroleum Stock Down 1.0%

Shares of NYSE:OXY opened at $42.74 on Friday. The company has a market capitalization of $42.11 billion, a price-to-earnings ratio of 31.43 and a beta of 0.38. Occidental Petroleum has a 12-month low of $34.78 and a 12-month high of $52.58. The business has a 50-day moving average price of $41.55 and a 200 day moving average price of $43.38. The company has a current ratio of 0.94, a quick ratio of 0.71 and a debt-to-equity ratio of 0.73.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Monday, November 10th. The oil and gas producer reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.16. Occidental Petroleum had a net margin of 7.81% and a return on equity of 12.35%. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6.66 billion. During the same quarter last year, the firm posted $1.00 earnings per share. Occidental Petroleum’s revenue was down 6.1% compared to the same quarter last year. Sell-side analysts expect that Occidental Petroleum will post 3.58 EPS for the current year.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, Director William R. Klesse purchased 5,000 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were bought at an average cost of $38.98 per share, for a total transaction of $194,900.00. Following the completion of the purchase, the director directly owned 218,913 shares in the company, valued at approximately $8,533,228.74. This represents a 2.34% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.31% of the company’s stock.

Institutional Trading of Occidental Petroleum

Hedge funds have recently made changes to their positions in the company. Woodline Partners LP grew its holdings in Occidental Petroleum by 40.7% in the first quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after purchasing an additional 16,506 shares during the last quarter. Focus Financial Network Inc. lifted its stake in shares of Occidental Petroleum by 55.2% during the second quarter. Focus Financial Network Inc. now owns 8,537 shares of the oil and gas producer’s stock valued at $359,000 after buying an additional 3,035 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Occidental Petroleum by 1.3% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 94,540 shares of the oil and gas producer’s stock worth $3,972,000 after acquiring an additional 1,213 shares during the period. Moody National Bank Trust Division increased its stake in Occidental Petroleum by 2.0% in the second quarter. Moody National Bank Trust Division now owns 15,326 shares of the oil and gas producer’s stock valued at $644,000 after purchasing an additional 300 shares during the last quarter. Finally, IFM Investors Pty Ltd grew its holdings in Occidental Petroleum by 8.2% in the 2nd quarter. IFM Investors Pty Ltd now owns 106,730 shares of the oil and gas producer’s stock valued at $4,484,000 after buying an additional 8,126 shares during the period. Institutional investors and hedge funds 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.