UBS Group Cuts Occidental Petroleum (NYSE:OXY) Price Target to $44.00

Occidental Petroleum (NYSE:OXY) had its price target trimmed by UBS Group from $52.00 to $44.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas producer’s stock.

OXY has been the subject of a number of other research reports. Raymond James cut shares of Occidental Petroleum from a “strong-buy” rating to an “outperform” rating and cut their price objective for the stock from $81.00 to $64.00 in a research report on Monday, March 10th. Stephens restated an “overweight” rating and set a $71.00 price objective on shares of Occidental Petroleum in a research report on Wednesday, February 19th. Wells Fargo & Company restated an “equal weight” rating on shares of Occidental Petroleum in a research report on Friday, February 21st. Mizuho lowered their target price on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. Finally, StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday, February 27th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $57.90.

Occidental Petroleum Trading Up 12.6 %

Occidental Petroleum stock opened at $40.65 on Monday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. Occidental Petroleum has a 52 week low of $34.79 and a 52 week high of $71.19. The stock has a 50-day simple moving average of $46.86 and a 200 day simple moving average of $49.25. The stock has a market capitalization of $38.20 billion, a P/E ratio of 16.66 and a beta of 1.02.

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

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 10th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.36%. Occidental Petroleum’s dividend payout ratio (DPR) is 39.34%.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were purchased at an average price of $46.82 per share, with a total value of $35,724,455.94. Following the acquisition, the insider now directly owns 264,941,431 shares of the company’s stock, valued at approximately $12,404,557,799.42. This represents a 0.29 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently made changes to their positions in the business. Certified Advisory Corp bought a new stake in shares of Occidental Petroleum in the fourth quarter worth about $476,000. Rule One Partners LLC bought a new position in Occidental Petroleum in the 3rd quarter worth $14,199,000. Benchmark Investment Advisors LLC bought a new stake in shares of Occidental Petroleum during the 4th quarter valued at about $642,000. Fisher Asset Management LLC lifted its holdings in Occidental Petroleum by 1.1% in the fourth quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer’s stock worth $30,320,000 after buying an additional 6,461 shares during the period. Finally, Sarasin & Partners LLP grew its holdings in shares of Occidental Petroleum by 5.4% during the 4th quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock worth $48,942,000 after acquiring an additional 50,983 shares during the period. Institutional investors own 88.70% of the company’s stock.

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.