Citigroup Lowers Occidental Petroleum (NYSE:OXY) Price Target to $45.00

Occidental Petroleum (NYSE:OXY) had its price target decreased by equities researchers at Citigroup from $49.00 to $45.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price objective indicates a potential upside of 9.19% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on OXY. Bank of America raised their price objective on shares of Occidental Petroleum from $44.00 to $47.00 and gave the stock a “neutral” rating in a research report on Monday, October 6th. Piper Sandler cut their price target on shares of Occidental Petroleum from $47.00 to $46.00 and set a “neutral” rating for the company in a report on Tuesday. Wall Street Zen lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Melius started coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price objective for the company. Finally, Evercore ISI cut their target price on Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating for the company in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $51.24.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $41.21 on Wednesday. The business’s 50 day moving average price is $43.42 and its 200 day moving average price is $43.73. The company has a market cap of $40.60 billion, a price-to-earnings ratio of 24.39 and a beta of 0.91. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. Occidental Petroleum has a one year low of $34.78 and a one year high of $53.20.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Monday, November 10th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.16. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6.66 billion. During the same period last year, the company earned $1.00 EPS. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, research analysts predict that Occidental Petroleum will post 3.58 EPS for the current year.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Moody National Bank Trust Division raised its holdings in Occidental Petroleum by 1.5% in the third quarter. Moody National Bank Trust Division now owns 15,555 shares of the oil and gas producer’s stock valued at $735,000 after acquiring an additional 229 shares in the last quarter. Northeast Financial Consultants Inc raised its holdings in shares of Occidental Petroleum by 0.4% in the 1st quarter. Northeast Financial Consultants Inc now owns 58,549 shares of the oil and gas producer’s stock valued at $2,890,000 after purchasing an additional 242 shares in the last quarter. Inspire Investing LLC raised its holdings in shares of Occidental Petroleum by 3.8% in the 2nd quarter. Inspire Investing LLC now owns 6,720 shares of the oil and gas producer’s stock valued at $282,000 after purchasing an additional 247 shares in the last quarter. Inscription Capital LLC lifted its position in shares of Occidental Petroleum by 0.8% during the 3rd quarter. Inscription Capital LLC now owns 32,734 shares of the oil and gas producer’s stock worth $1,547,000 after purchasing an additional 271 shares during the last quarter. Finally, Cigna Investments Inc. New grew its stake in shares of Occidental Petroleum by 4.3% during the third quarter. Cigna Investments Inc. New now owns 6,809 shares of the oil and gas producer’s stock worth $321,000 after purchasing an additional 280 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.