Occidental Petroleum (NYSE:OXY) Given New $47.00 Price Target at JPMorgan Chase & Co.

Occidental Petroleum (NYSE:OXY) had its price target reduced by JPMorgan Chase & Co. from $52.00 to $47.00 in a report released on Friday morning,Benzinga reports. They currently have a neutral rating on the oil and gas producer’s stock.

Other equities analysts have also issued research reports about the stock. TD Cowen lowered shares of Occidental Petroleum from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $68.00 to $45.00 in a research note on Tuesday, April 8th. Truist Financial raised their price objective on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Hsbc Global Res raised shares of Occidental Petroleum to a “hold” rating in a research note on Wednesday, April 16th. Wells Fargo & Company decreased their price objective on shares of Occidental Petroleum from $49.00 to $42.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. Finally, The Goldman Sachs Group downgraded shares of Occidental Petroleum from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $54.00 to $45.00 in a research report on Friday, January 31st. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $54.05.

Occidental Petroleum Stock Performance

Shares of OXY opened at $42.25 on Friday. The firm’s 50 day moving average is $42.96 and its 200-day moving average is $47.19. The stock has a market capitalization of $41.58 billion, a P/E ratio of 17.32 and a beta of 0.81. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.76. Occidental Petroleum has a 12-month low of $34.79 and a 12-month high of $64.76.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.13. The company had revenue of $6.80 billion for the quarter, compared to analysts’ expectations of $6.97 billion. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 EPS. Equities research analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 10th will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.27%. Occidental Petroleum’s dividend payout ratio is currently 39.02%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Certified Advisory Corp bought a new position in shares of Occidental Petroleum during the 4th quarter valued at $476,000. Benchmark Investment Advisors LLC bought a new position in shares of Occidental Petroleum during the 4th quarter valued at $642,000. Fisher Asset Management LLC raised its holdings in shares of Occidental Petroleum by 1.1% during the 4th quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer’s stock valued at $30,320,000 after purchasing an additional 6,461 shares in the last quarter. Sarasin & Partners LLP lifted its stake in shares of Occidental Petroleum by 5.4% in the fourth quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock worth $48,942,000 after buying an additional 50,983 shares during the last quarter. Finally, Rule One Partners LLC lifted its stake in shares of Occidental Petroleum by 18.1% in the fourth quarter. Rule One Partners LLC now owns 325,501 shares of the oil and gas producer’s stock worth $16,083,000 after buying an additional 50,000 shares during the last quarter. Institutional investors 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.