Occidental Petroleum (NYSE:OXY) Given New $60.00 Price Target at The Goldman Sachs Group

Occidental Petroleum (NYSE:OXY) had its price target dropped by The Goldman Sachs Group from $64.00 to $60.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The brokerage currently has a “neutral” rating on the oil and gas producer’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 21.46% from the stock’s previous close.

OXY has been the subject of several other research reports. Morgan Stanley reduced their target price on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating for the company in a research note on Friday. Raymond James Financial increased their price objective on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Piper Sandler raised shares of Occidental Petroleum from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $54.00 to $66.00 in a research report on Thursday, March 12th. UBS Group cut their target price on Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Finally, BMO Capital Markets increased their price target on Occidental Petroleum from $60.00 to $65.00 and gave the company a “market perform” rating in a research report on Tuesday, April 7th. Nine investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $63.30.

Occidental Petroleum Stock Up 0.6%

OXY stock traded up $0.31 during mid-day trading on Tuesday, reaching $49.40. 679,343 shares of the company traded hands, compared to its average volume of 14,117,312. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. The firm’s 50 day moving average price is $56.20 and its 200 day moving average price is $51.91. The stock has a market cap of $49.13 billion, a price-to-earnings ratio of 12.42 and a beta of 0.14. Occidental Petroleum has a fifty-two week low of $38.80 and a fifty-two week high of $67.45.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.44 billion. During the same quarter last year, the company earned $0.14 earnings per share. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. As a group, equities research analysts predict that Occidental Petroleum will post 5.79 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Richard A. Jackson purchased 4,770 shares of the stock in a transaction on Tuesday, June 23rd. The shares were acquired at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently made changes to their positions in OXY. Vanguard Group Inc. raised its position in Occidental Petroleum by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock worth $3,696,716,000 after purchasing an additional 699,137 shares during the period. State Street Corp increased its holdings in shares of Occidental Petroleum by 2.1% in the fourth quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock worth $1,635,263,000 after buying an additional 828,848 shares during the period. Geode Capital Management LLC lifted its stake in shares of Occidental Petroleum by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after acquiring an additional 167,518 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after acquiring an additional 1,883,721 shares during the period. Finally, Invesco Ltd. grew its position in Occidental Petroleum by 18.9% during the 4th quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer’s stock worth $276,772,000 after acquiring an additional 1,071,948 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

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.