Truist Financial Forecasts Strong Price Appreciation for Occidental Petroleum (NYSE:OXY) Stock

Occidental Petroleum (NYSE:OXY) had its price objective increased by equities research analysts at Truist Financial from $56.00 to $58.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price target suggests a potential upside of 11.24% from the stock’s previous close.

OXY has been the topic of several other research reports. The Goldman Sachs Group initiated coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. TD Cowen lowered their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Sunday, January 5th. Evercore ISI reduced their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. Finally, Raymond James upped their price target on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $62.19.

Occidental Petroleum Stock Up 1.6 %

OXY stock traded up $0.84 on Monday, hitting $52.14. 2,078,601 shares of the company’s stock were exchanged, compared to its average volume of 8,949,424. Occidental Petroleum has a 12-month low of $45.17 and a 12-month high of $71.18. The firm has a 50 day moving average price of $49.54 and a two-hundred day moving average price of $53.76. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The stock has a market cap of $48.93 billion, a P/E ratio of 13.58 and a beta of 1.57.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of Occidental Petroleum stock in a transaction dated Thursday, December 19th. The stock was bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the transaction, the insider now owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Rule One Partners LLC purchased a new stake in shares of Occidental Petroleum during the 3rd quarter valued at $14,199,000. Stephens Inc. AR grew its stake in shares of Occidental Petroleum by 221.0% during the 3rd quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock valued at $777,000 after buying an additional 10,382 shares during the period. Weiss Asset Management LP purchased a new stake in Occidental Petroleum during the 3rd quarter worth $2,509,000. Cerity Partners LLC boosted its position in Occidental Petroleum by 27.7% during the 3rd quarter. Cerity Partners LLC now owns 70,580 shares of the oil and gas producer’s stock worth $3,638,000 after purchasing an additional 15,316 shares during the period. Finally, Synovus Financial Corp boosted its position in Occidental Petroleum by 1,247.7% during the 3rd quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock worth $2,602,000 after purchasing an additional 46,740 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.