Occidental Petroleum (NYSE:OXY) Price Target Raised to $47.00

Occidental Petroleum (NYSE:OXY) had its price objective lifted by Piper Sandler from $46.00 to $47.00 in a research note released on Wednesday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the oil and gas producer’s stock.

OXY has been the subject of several other reports. The Goldman Sachs Group dropped their target price on Occidental Petroleum from $43.00 to $41.00 and set a “sell” rating for the company in a research report on Thursday, January 22nd. Scotiabank dropped their price objective on shares of Occidental Petroleum from $47.00 to $46.00 and set a “sector perform” rating for the company in a report on Friday, January 16th. Morgan Stanley cut their target price on shares of Occidental Petroleum from $51.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Evercore ISI decreased their price target on shares of Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating for the company in a research report on Friday, October 3rd. Finally, Zacks Research downgraded shares of Occidental Petroleum from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $47.43.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $45.38 on Wednesday. The stock has a market capitalization of $44.71 billion, a P/E ratio of 33.37 and a beta of 0.38. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.71 and a current ratio of 0.94. Occidental Petroleum has a fifty-two week low of $34.78 and a fifty-two week high of $52.58. The company has a 50 day moving average price of $41.98 and a 200 day moving average price of $43.33.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Monday, November 10th. The oil and gas producer reported $0.64 EPS for the quarter, topping the consensus estimate of $0.48 by $0.16. Occidental Petroleum had a return on equity of 12.35% and a net margin of 7.81%.The business had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6.66 billion. During the same period last year, the business posted $1.00 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. Equities research analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 10th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Wednesday, December 10th. Occidental Petroleum’s payout ratio is 70.59%.

Insider Activity

In other Occidental Petroleum news, Director William R. Klesse acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were acquired at an average price of $38.98 per share, for a total transaction of $194,900.00. Following the acquisition, the director owned 218,913 shares in the company, valued at $8,533,228.74. The trade was a 2.34% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. University of Texas Texas AM Investment Management Co. acquired a new stake in Occidental Petroleum during the second quarter worth approximately $27,000. City Holding Co. grew its position in shares of Occidental Petroleum by 250.0% in the 3rd quarter. City Holding Co. now owns 700 shares of the oil and gas producer’s stock valued at $33,000 after buying an additional 500 shares during the last quarter. Activest Wealth Management raised its stake in Occidental Petroleum by 68.5% during the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 305 shares in the last quarter. Binnacle Investments Inc purchased a new stake in Occidental Petroleum in the third quarter valued at $35,000. Finally, GoalVest Advisory LLC purchased a new stake in Occidental Petroleum in the third quarter valued at $38,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Company Profile

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.