Occidental Petroleum (NYSE:OXY) Price Target Raised to $48.00 at JPMorgan Chase & Co.

Occidental Petroleum (NYSE:OXY) had its price target raised by JPMorgan Chase & Co. from $47.00 to $48.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the oil and gas producer’s stock.

Several other analysts have also recently issued reports on OXY. UBS Group cut their target price on Occidental Petroleum from $44.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Barclays lifted their target price on shares of Occidental Petroleum from $46.00 to $48.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. TD Cowen downgraded shares of Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their price target for the company from $68.00 to $45.00 in a research report on Tuesday, April 8th. Piper Sandler reduced their price target on shares of Occidental Petroleum from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. Finally, Stephens cut their target price on shares of Occidental Petroleum from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $53.71.

Occidental Petroleum Trading Up 2.2%

Shares of NYSE:OXY opened at $43.55 on Tuesday. Occidental Petroleum has a 1 year low of $34.79 and a 1 year high of $64.76. The business’s 50 day simple moving average is $43.36 and its 200 day simple moving average is $45.18. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.01 and a quick ratio of 0.79. The company has a market capitalization of $42.86 billion, a P/E ratio of 17.70 and a beta of 0.84.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. The business had revenue of $6.80 billion for the quarter, compared to the consensus estimate of $6.97 billion. Occidental Petroleum had a return on equity of 16.60% and a net margin of 11.20%. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 EPS. On average, research analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 10th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Tuesday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 39.02%.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors have recently modified their holdings of the stock. Altshuler Shaham Ltd purchased a new position in shares of Occidental Petroleum in the 4th quarter valued at $26,000. VSM Wealth Advisory LLC purchased a new stake in Occidental Petroleum during the 4th quarter worth approximately $27,000. Bernard Wealth Management Corp. acquired a new position in Occidental Petroleum in the fourth quarter valued at approximately $32,000. Grove Bank & Trust lifted its stake in Occidental Petroleum by 129.2% during the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 407 shares in the last quarter. Finally, American National Bank & Trust purchased a new stake in shares of Occidental Petroleum during the first quarter worth $39,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Company Profile

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.