Occidental Petroleum Corporation (NYSE:OXY) Receives $64.48 Average Price Target from Brokerages

Occidental Petroleum Corporation (NYSE:OXY) has received an average recommendation of “Hold” from the twenty-six ratings firms that are presently covering the company, Marketbeat.com reports. Sixteen research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $64.2609.

A number of analysts have recently weighed in on OXY shares. Capital One Financial raised their price target on shares of Occidental Petroleum from $67.00 to $70.00 in a research report on Wednesday, May 27th. Raymond James Financial increased their price objective on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. HSBC raised their price objective on shares of Occidental Petroleum from $59.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, March 20th. Morgan Stanley dropped their target price on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating for the company in a research report on Friday, June 26th. Finally, Truist Financial cut their target price on shares of Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating on the stock in a research note on Friday, May 8th.

Occidental Petroleum Trading Down 0.3%

Shares of OXY opened at $53.62 on Friday. The company has a market capitalization of $53.33 billion, a P/E ratio of 13.51 and a beta of 0.15. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 1.21. The stock has a 50-day moving average price of $54.77 and a 200 day moving average price of $52.94.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same period in the previous year, the business earned $0.14 EPS. Occidental Petroleum’s revenue for the quarter was down 8.3% compared to the same quarter last year. Sell-side analysts forecast that Occidental Petroleum will post 5.82 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th were paid a dividend of $0.26 per share. The ex-dividend date was Wednesday, June 10th. This represents a $1.04 annualized dividend and a yield of 1.9%. Occidental Petroleum’s dividend payout ratio is presently 26.20%.

Insider Buying and Selling

In other news, CEO Richard A. Jackson bought 4,770 shares of Occidental Petroleum stock in a transaction on Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, with a total value of $249,852.60. Following the acquisition, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors have recently made changes to their positions in the company. Lighthouse Investment Partners LLC bought a new position in shares of Occidental Petroleum in the 3rd quarter worth about $22,345,000. Mirabella Financial Services LLP grew its position in shares of Occidental Petroleum by 154.7% during the 3rd quarter. Mirabella Financial Services LLP now owns 29,566 shares of the oil and gas producer’s stock valued at $1,394,000 after buying an additional 17,958 shares during the last quarter. National Pension Service raised its stake in Occidental Petroleum by 13.0% during the fourth quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock worth $44,589,000 after acquiring an additional 124,879 shares during the period. Vanguard Group Inc. raised its stake in Occidental Petroleum by 0.8% during 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 acquiring an additional 699,137 shares during the period. Finally, Cooperman Leon G bought a new position in Occidental Petroleum in the third quarter worth about $15,947,000. 88.70% of the stock is currently owned by institutional investors.

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.