Occidental Petroleum (NYSE:OXY) Price Target Lowered to $46.00 at Scotiabank

Occidental Petroleum (NYSE:OXY) had its price target dropped by research analysts at Scotiabank from $47.00 to $46.00 in a note issued to investors on Friday,MarketScreener reports. The brokerage presently has a “sector perform” rating on the oil and gas producer’s stock. Scotiabank’s target price would indicate a potential upside of 7.63% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Occidental Petroleum in a research report on Wednesday, October 8th. Wells Fargo & Company reduced their target price on Occidental Petroleum from $42.00 to $40.00 and set an “underweight” rating for the company in a research note on Wednesday, November 12th. Mizuho increased their target price on Occidental Petroleum from $60.00 to $64.00 and gave the company an “outperform” rating in a research report on Tuesday, November 11th. BMO Capital Markets cut their price target on shares of Occidental Petroleum from $50.00 to $48.00 and set a “market perform” rating for the company in a report on Monday, January 12th. Finally, Roth Capital upped their price objective on shares of Occidental Petroleum from $45.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $49.43.

Occidental Petroleum Stock Down 1.0%

OXY stock opened at $42.74 on Friday. Occidental Petroleum has a one year low of $34.78 and a one year high of $52.58. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.71 and a current ratio of 0.94. The firm’s fifty day moving average is $41.55 and its 200 day moving average is $43.38. The firm has a market cap of $42.11 billion, a PE ratio of 31.43 and a beta of 0.38.

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

Insider Activity

In related news, Director William R. Klesse purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was acquired at an average cost of $38.98 per share, for a total transaction of $194,900.00. Following the completion of the transaction, the director directly owned 218,913 shares of the company’s stock, valued at approximately $8,533,228.74. This trade represents a 2.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is owned by company insiders.

Institutional Trading of Occidental Petroleum

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Occidental Petroleum by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 89,201,540 shares of the oil and gas producer’s stock worth $4,214,773,000 after acquiring an additional 697,521 shares during the period. State Street Corp raised its stake in Occidental Petroleum by 1.6% during the second quarter. State Street Corp now owns 39,044,478 shares of the oil and gas producer’s stock worth $1,649,147,000 after purchasing an additional 615,566 shares during the period. Geode Capital Management LLC grew its stake in shares of Occidental Petroleum by 22.0% in the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock valued at $756,796,000 after buying an additional 3,267,269 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Occidental Petroleum by 11.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,718,939 shares of the oil and gas producer’s stock worth $412,045,000 after buying an additional 900,677 shares during the last quarter. Finally, Fairfax Financial Holdings Ltd. Can raised its position in shares of Occidental Petroleum by 0.5% during the 2nd quarter. Fairfax Financial Holdings Ltd. Can now owns 6,050,418 shares of the oil and gas producer’s stock valued at $254,118,000 after buying an additional 30,000 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

About Occidental Petroleum

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.