Occidental Petroleum (NYSE:OXY) Price Target Raised to $45.00 at UBS Group

Occidental Petroleum (NYSE:OXY) had its target price boosted by UBS Group from $42.00 to $45.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas producer’s stock.

Several other research analysts also recently weighed in on OXY. Wall Street Zen downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Melius Research assumed coverage on shares of Occidental Petroleum in a research report on Wednesday. They set a “hold” rating and a $64.00 price target for the company. Wells Fargo & Company cut their price objective on shares of Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Tuesday, July 15th. Barclays increased their price objective 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. Finally, JPMorgan Chase & Co. increased their price objective on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, July 15th. Four analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $54.65.

Occidental Petroleum Stock Up 0.6%

OXY opened at $44.2450 on Wednesday. Occidental Petroleum has a twelve month low of $34.78 and a twelve month high of $58.47. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The company has a 50-day moving average price of $44.18 and a 200 day moving average price of $44.11. The company has a market cap of $43.56 billion, a PE ratio of 26.18 and a beta of 0.91.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. Sell-side analysts expect that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 56.80%.

Institutional Trading of Occidental Petroleum

Hedge funds and other institutional investors have recently made changes to their positions in the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth approximately $1,274,000. Kestra Private Wealth Services LLC increased its holdings in shares of Occidental Petroleum by 5.6% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer’s stock worth $843,000 after buying an additional 906 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Occidental Petroleum by 9.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer’s stock worth $78,813,000 after buying an additional 140,528 shares during the last quarter. Northern Trust Corp raised its stake in shares of Occidental Petroleum by 7.5% in the 4th quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock valued at $349,085,000 after acquiring an additional 491,797 shares during the period. Finally, swisspartners Advisors Ltd acquired a new position in shares of Occidental Petroleum in the 1st quarter worth approximately $6,006,000. Institutional investors and hedge funds 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.