Brokerages Set Occidental Petroleum Co. (NYSE:OXY) Target Price at $70.21

by · The Markets Daily

Occidental Petroleum Co. (NYSE:OXY – Get Free Report) has been given a consensus recommendation of “Hold” by the seventeen analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $67.18.

A number of equities analysts recently commented on the stock. Evercore ISI lowered their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Scotiabank lowered their target price on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. UBS Group cut their price target on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Stephens restated an “overweight” rating and issued a $76.00 price target on shares of Occidental Petroleum in a research report on Thursday, August 8th. Finally, Wells Fargo & Company cut their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th.

Get Our Latest Analysis on OXY

Occidental Petroleum Price Performance

Occidental Petroleum stock opened at $55.76 on Monday. The company has a market capitalization of $50.50 billion, a price-to-earnings ratio of 15.23 and a beta of 1.57. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a 12 month low of $49.75 and a 12 month high of $71.18. The stock’s 50 day moving average is $55.08 and its 200-day moving average is $60.58.

Occidental Petroleum (NYSE:OXY – Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the prior year, the firm posted $0.68 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts expect that Occidental Petroleum will post 3.49 EPS for the current year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.58%. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently added to or reduced their stakes in the business. Investment Research & Advisory Group Inc. grew its stake in shares of Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares during the last quarter. LifeSteps Financial Inc. acquired a new stake in shares of Occidental Petroleum in the first quarter valued at about $34,000. Able Wealth Management LLC bought a new position in shares of Occidental Petroleum during the fourth quarter worth about $38,000. New Covenant Trust Company N.A. acquired a new position in shares of Occidental Petroleum in the first quarter worth approximately $44,000. Finally, LRI Investments LLC bought a new stake in Occidental Petroleum in the first quarter valued at approximately $44,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Company Profile

(Get Free Report

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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