Occidental Petroleum (NYSE:OXY) Given New $75.00 Price Target at Citigroup

Occidental Petroleum (NYSE:OXYGet Rating) had its target price increased by Citigroup from $67.00 to $75.00 in a research note published on Thursday, The Fly reports. The brokerage currently has a neutral rating on the oil and gas producer’s stock.

A number of other research analysts have also issued reports on the stock. Wells Fargo & Company upgraded shares of Occidental Petroleum from an underweight rating to an equal weight rating and upped their target price for the company from $59.00 to $74.00 in a report on Monday, November 14th. MKM Partners restated a neutral rating and issued a $65.00 target price on shares of Occidental Petroleum in a report on Wednesday, July 20th. Tudor, Pickering, Holt & Co. lowered shares of Occidental Petroleum from a buy rating to a hold rating in a report on Friday, August 19th. Tudor Pickering lowered shares of Occidental Petroleum from a buy rating to a hold rating in a report on Friday, August 19th. Finally, Mizuho reduced their target price on shares of Occidental Petroleum from $84.00 to $81.00 and set a buy rating on the stock in a report on Monday, October 24th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $76.11.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $71.25 on Thursday. The stock has a market cap of $64.76 billion, a price-to-earnings ratio of 5.93, a PEG ratio of 0.56 and a beta of 1.82. Occidental Petroleum has a 52 week low of $26.05 and a 52 week high of $77.13. The company’s 50-day moving average price is $68.02 and its 200 day moving average price is $65.33. The company has a current ratio of 1.10, a quick ratio of 0.86 and a debt-to-equity ratio of 1.08.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 12th. Investors of record on Monday, December 12th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, December 9th. This represents a $0.52 annualized dividend and a yield of 0.73%. Occidental Petroleum’s payout ratio is 4.33%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 1,737,316 shares of the business’s stock in a transaction that occurred on Wednesday, September 28th. The shares were purchased at an average price of $60.71 per share, for a total transaction of $105,472,454.36. Following the completion of the acquisition, the insider now owns 194,351,650 shares of the company’s stock, valued at approximately $11,799,088,671.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by insiders.

Institutional Trading of Occidental Petroleum

Several large investors have recently bought and sold shares of the company. Industrial Alliance Investment Management Inc. grew its position in Occidental Petroleum by 65.5% in the third quarter. Industrial Alliance Investment Management Inc. now owns 118,390 shares of the oil and gas producer’s stock valued at $7,275,000 after acquiring an additional 46,850 shares in the last quarter. National Pension Service grew its position in shares of Occidental Petroleum by 1.9% during the third quarter. National Pension Service now owns 1,789,840 shares of the oil and gas producer’s stock worth $111,167,000 after buying an additional 33,191 shares in the last quarter. M&T Bank Corp grew its position in shares of Occidental Petroleum by 4.1% during the third quarter. M&T Bank Corp now owns 38,765 shares of the oil and gas producer’s stock worth $2,382,000 after buying an additional 1,543 shares in the last quarter. Telemetry Investments L.L.C. grew its position in shares of Occidental Petroleum by 57.1% during the third quarter. Telemetry Investments L.L.C. now owns 11,000 shares of the oil and gas producer’s stock worth $676,000 after buying an additional 4,000 shares in the last quarter. Finally, Warther Private Wealth LLC acquired a new stake in shares of Occidental Petroleum during the third quarter worth approximately $4,081,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

About Occidental Petroleum

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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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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