Occidental Petroleum (NYSE:OXY) Trading 0.1% Higher on Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded up 0.1% on Tuesday after Susquehanna raised their price target on the stock from $70.00 to $81.00. Susquehanna currently has a positive rating on the stock. Occidental Petroleum traded as high as $67.10 and last traded at $67.09. 1,284,123 shares traded hands during trading, a decline of 85% from the average session volume of 8,676,997 shares. The stock had previously closed at $67.00.

Other analysts have also issued reports about the stock. Wells Fargo & Company lifted their price target on shares of Occidental Petroleum from $62.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Mizuho lifted their price target on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Morgan Stanley boosted their target price on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Truist Financial boosted their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Finally, Raymond James cut their target price on shares of Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. Nine research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $71.94.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the company. PFG Advisors bought a new position in shares of Occidental Petroleum during the third quarter worth $219,000. DAVENPORT & Co LLC boosted its position in shares of Occidental Petroleum by 82.6% during the third quarter. DAVENPORT & Co LLC now owns 11,341 shares of the oil and gas producer’s stock worth $736,000 after acquiring an additional 5,130 shares during the last quarter. Avior Wealth Management LLC boosted its position in shares of Occidental Petroleum by 11.6% during the third quarter. Avior Wealth Management LLC now owns 2,922 shares of the oil and gas producer’s stock worth $206,000 after acquiring an additional 303 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of Occidental Petroleum by 51.3% during the third quarter. Newbridge Financial Services Group Inc. now owns 2,473 shares of the oil and gas producer’s stock worth $160,000 after acquiring an additional 839 shares during the last quarter. Finally, Meridian Wealth Management LLC boosted its position in shares of Occidental Petroleum by 102.2% during the third quarter. Meridian Wealth Management LLC now owns 32,128 shares of the oil and gas producer’s stock worth $2,085,000 after acquiring an additional 16,240 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The stock’s 50-day moving average is $63.77 and its two-hundred day moving average is $61.25. The stock has a market cap of $59.74 billion, a P/E ratio of 17.24 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, meeting the consensus estimate of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business had revenue of $7.53 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the business earned $1.61 earnings per share. Occidental Petroleum’s quarterly revenue was down 9.6% compared to the same quarter last year. Equities research analysts anticipate that Occidental Petroleum Co. will post 3.82 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 8th were given a dividend of $0.22 per share. The ex-dividend date was Thursday, March 7th. This represents a $0.88 annualized dividend and a yield of 1.31%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio (DPR) is 22.51%.

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.