Occidental Petroleum Co. (NYSE:OXY) Receives $70.21 Average Target Price from Analysts

Shares of Occidental Petroleum Co. (NYSE:OXY) have been given an average recommendation of “Hold” by the sixteen analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $68.25.

A number of equities research analysts have recently commented on the company. Evercore ISI dropped their target price on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, September 27th. Scotiabank reduced their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Truist Financial dropped their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday. Finally, Wolfe Research initiated coverage on shares of Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective for the company.

Occidental Petroleum Trading Up 0.4 %

Shares of NYSE:OXY opened at $53.45 on Monday. 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 business has a 50 day moving average of $55.29 and a two-hundred day moving average of $60.72. The company has a market capitalization of $48.41 billion, a PE ratio of 14.60 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the previous year, the business posted $0.68 EPS. The business’s revenue was up 2.2% compared to the same quarter last year. As a group, analysts forecast that Occidental Petroleum will post 3.57 EPS for the current year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a $0.22 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.65%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insider Activity 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 shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.31% of the company’s stock.

Institutional Trading of Occidental Petroleum

Hedge funds and other institutional investors have recently made changes to their positions in the company. Investment Research & Advisory Group Inc. increased its position in shares of Occidental Petroleum by 75.2% during the 1st 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. purchased a new stake in shares of Occidental Petroleum in the 1st quarter valued at approximately $34,000. Able Wealth Management LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter worth approximately $38,000. New Covenant Trust Company N.A. purchased a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $44,000. Finally, LRI Investments LLC acquired a new stake in Occidental Petroleum in the 1st quarter valued at approximately $44,000. Institutional investors and hedge funds 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.