Citigroup Cuts Occidental Petroleum (OXY) Price Target to $95.00

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Occidental Petroleum (NYSE:OXY) had its price objective trimmed by Citigroup from $97.00 to $95.00 in a report released on Wednesday morning. The brokerage currently has a buy rating on the oil and gas producer’s stock.

OXY has been the subject of several other research reports. Evercore ISI raised shares of Occidental Petroleum from an in-line rating to an outperform rating and set a $88.00 price objective for the company in a report on Wednesday, November 7th. Morgan Stanley reduced their price objective on shares of Occidental Petroleum from $100.00 to $96.00 and set a buy rating for the company in a report on Monday, November 5th. National Alliance Securities raised shares of Occidental Petroleum from a hold rating to a buy rating in a report on Monday, August 13th. ValuEngine downgraded shares of Occidental Petroleum from a hold rating to a sell rating in a report on Friday, November 2nd. Finally, Barclays began coverage on shares of Occidental Petroleum in a report on Monday. They issued an overweight rating and a $84.00 price target for the company. Eight research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Occidental Petroleum has an average rating of Buy and a consensus price target of $86.82.

OXY stock traded up $1.64 during trading on Wednesday, hitting $72.59. The company had a trading volume of 4,737,125 shares, compared to its average volume of 4,972,929. The company has a market capitalization of $54.48 billion, a P/E ratio of 81.56, a PEG ratio of 2.16 and a beta of 0.80. Occidental Petroleum has a fifty-two week low of $62.47 and a fifty-two week high of $87.67. The company has a quick ratio of 1.21, a current ratio of 1.33 and a debt-to-equity ratio of 0.47.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.26. The business had revenue of $6.18 billion during the quarter, compared to the consensus estimate of $4.60 billion. Occidental Petroleum had a net margin of 22.19% and a return on equity of 15.43%. The company’s quarterly revenue was up 98.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 earnings per share. Equities analysts anticipate that Occidental Petroleum will post 5.2 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 10th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date of this dividend is Friday, December 7th. Occidental Petroleum’s payout ratio is 350.56%.

A number of hedge funds and other institutional investors have recently modified their holdings of OXY. BlackRock Inc. raised its holdings in Occidental Petroleum by 3.4% during the 3rd quarter. BlackRock Inc. now owns 52,574,756 shares of the oil and gas producer’s stock worth $4,320,067,000 after buying an additional 1,732,733 shares during the period. Capital World Investors raised its holdings in Occidental Petroleum by 9.6% during the 3rd quarter. Capital World Investors now owns 23,423,802 shares of the oil and gas producer’s stock worth $1,924,734,000 after buying an additional 2,056,863 shares during the period. Dodge & Cox raised its holdings in Occidental Petroleum by 58.7% during the 3rd quarter. Dodge & Cox now owns 9,887,895 shares of the oil and gas producer’s stock worth $812,488,000 after buying an additional 3,656,670 shares during the period. Macquarie Group Ltd. raised its holdings in Occidental Petroleum by 3.0% during the 3rd quarter. Macquarie Group Ltd. now owns 9,401,875 shares of the oil and gas producer’s stock worth $772,552,000 after buying an additional 276,026 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Occidental Petroleum by 8.3% during the 3rd quarter. Franklin Resources Inc. now owns 8,437,303 shares of the oil and gas producer’s stock worth $693,293,000 after buying an additional 643,137 shares during the period. 82.00% of the stock is owned by institutional investors.

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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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