Occidental Petroleum (NYSE:OXY) Price Target Raised to $78.00 at Raymond James

by · The Markets Daily

Occidental Petroleum (NYSE:OXY – Free Report) had its target price raised by Raymond James from $77.00 to $78.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a strong-buy rating on the oil and gas producer’s stock.

Other equities research analysts also recently issued research reports about the company. Truist Financial lowered their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Scotiabank dropped their price target on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Jefferies Financial Group raised their target price on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Finally, TD Cowen cut their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $63.70.

Check Out Our Latest Report on Occidental Petroleum

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $51.93 on Thursday. Occidental Petroleum has a 1-year low of $48.42 and a 1-year high of $71.18. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $48.73 billion, a PE ratio of 13.52 and a beta of 1.58. The firm’s 50 day simple moving average is $51.79 and its 200 day simple moving average is $56.96.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.69%. Occidental Petroleum’s payout ratio is currently 22.92%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in Occidental Petroleum by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock valued at $710,886,000 after buying an additional 444,850 shares during the period. H&H International Investment LLC boosted its holdings in shares of Occidental Petroleum by 497.7% during the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after purchasing an additional 7,680,598 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Occidental Petroleum by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock valued at $206,560,000 after purchasing an additional 98,703 shares during the period. American Century Companies Inc. raised its position in Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after purchasing an additional 532,318 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in Occidental Petroleum by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after buying an additional 5,200 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.

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, 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.

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