Occidental Petroleum Corporation (NYSE:OXY) Receives $58.83 Average Price Target from Analysts

by · The Markets Daily

Shares of Occidental Petroleum Corporation (NYSE:OXY – Get Free Report) have been assigned a consensus recommendation of “Hold” from the twenty-six brokerages that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $58.8261.

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets raised their price objective on shares of Occidental Petroleum from $48.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, February 23rd. Argus raised shares of Occidental Petroleum to a “hold” rating in a report on Friday, February 27th. Truist Financial began coverage on shares of Occidental Petroleum in a research report on Tuesday, March 24th. They issued a “hold” rating and a $65.00 price target on the stock. Stephens boosted their price objective on shares of Occidental Petroleum from $59.00 to $74.00 and gave the stock an “overweight” rating in a report on Tuesday, March 31st. Finally, Piper Sandler upgraded shares of Occidental Petroleum from a “neutral” rating to an “overweight” rating and increased their target price for the company from $54.00 to $66.00 in a research note on Thursday, March 12th.

Check Out Our Latest Report on Occidental Petroleum

Occidental Petroleum News Roundup

Here are the key news stories impacting Occidental Petroleum this week:

Occidental Petroleum Price Performance

NYSE OXY opened at $62.94 on Friday. The stock has a 50-day simple moving average of $53.21 and a 200 day simple moving average of $46.21. Occidental Petroleum has a twelve month low of $34.78 and a twelve month high of $67.45. The stock has a market capitalization of $62.42 billion, a PE ratio of 39.09 and a beta of 0.23. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.74 and a current ratio of 0.94.

Occidental Petroleum (NYSE:OXY – Get Free Report) last released its earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.13. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same quarter last year, the firm posted $0.80 EPS. The company’s revenue was down 5.2% on a year-over-year basis. Research analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 10th will be issued a $0.26 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $1.04 annualized dividend and a yield of 1.7%. Occidental Petroleum’s payout ratio is currently 64.60%.

Institutional Trading of Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Occidental Petroleum by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock worth $3,696,716,000 after purchasing an additional 699,137 shares during the period. State Street Corp increased its holdings in Occidental Petroleum by 2.1% in the 4th quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock valued at $1,635,263,000 after buying an additional 828,848 shares during the period. Geode Capital Management LLC raised its stake in shares of Occidental Petroleum by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after buying an additional 167,518 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Occidental Petroleum by 21.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after buying an additional 1,883,721 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Occidental Petroleum by 18.9% during the fourth quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer’s stock worth $276,772,000 after purchasing an additional 1,071,948 shares during the period. 88.70% of the stock is currently owned by institutional investors.

About Occidental Petroleum

(Get Free Report)

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.

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