Citigroup Has Lowered Expectations for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its price objective reduced by analysts at Citigroup from $56.00 to $51.00 in a report released on Monday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price target points to a potential upside of 7.45% from the stock’s previous close.

OXY has been the subject of several other research reports. StockNews.com cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday, February 27th. UBS Group raised their target price on Occidental Petroleum from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Wells Fargo & Company reiterated an “equal weight” rating on shares of Occidental Petroleum in a research report on Friday, February 21st. The Goldman Sachs Group lowered Occidental Petroleum from a “neutral” rating to a “sell” rating and lowered their price target for the company from $54.00 to $45.00 in a report on Friday, January 31st. Finally, Truist Financial upped their price objective on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.45.

Occidental Petroleum Stock Performance

OXY traded up $0.94 on Monday, hitting $47.47. 4,657,903 shares of the company’s stock were exchanged, compared to its average volume of 11,198,163. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The stock has a fifty day moving average of $48.95 and a two-hundred day moving average of $50.27. Occidental Petroleum has a twelve month low of $44.70 and a twelve month high of $71.18. The firm has a market cap of $44.55 billion, a PE ratio of 19.45 and a beta of 1.51.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.13. The business had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. On average, research analysts anticipate that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of Occidental Petroleum stock in a transaction dated Tuesday, December 17th. The stock was bought at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the completion of the transaction, the insider now directly owns 257,758,886 shares of the company’s stock, valued at approximately $11,921,348,477.50. This represents a 0.97 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders bought 6,854,394 shares of company stock valued at $315,101,532. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the stock. PKO Investment Management Joint Stock Co acquired a new stake in shares of Occidental Petroleum during the 4th quarter worth about $1,144,000. Northstar Financial Companies Inc. acquired a new position in shares of Occidental Petroleum in the fourth quarter valued at approximately $486,000. Siemens Fonds Invest GmbH lifted its holdings in Occidental Petroleum by 30.0% during the 4th quarter. Siemens Fonds Invest GmbH now owns 43,293 shares of the oil and gas producer’s stock worth $2,139,000 after purchasing an additional 10,003 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Occidental Petroleum in the 4th quarter valued at $8,284,000. Finally, Landaas & Co. WI ADV acquired a new position in Occidental Petroleum in the 4th quarter valued at $217,000. Institutional investors own 88.70% 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, 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.