Occidental Petroleum (NYSE:OXY) Upgraded by Mizuho to “Outperform” Rating

Mizuho upgraded shares of Occidental Petroleum (NYSE:OXY) from a neutral rating to an outperform rating in a research report report published on Friday, MarketBeat reports. Mizuho currently has $60.00 target price on the oil and gas producer’s stock, up from their previous target price of $58.00.

Other analysts have also recently issued research reports about the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $52.00 target price on shares of Occidental Petroleum in a report on Monday, August 18th. JPMorgan Chase & Co. raised their price objective on shares of Occidental Petroleum from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, July 15th. Roth Capital raised their price objective on shares of Occidental Petroleum from $45.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday. HSBC raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating and raised their price objective for the stock from $48.00 to $55.00 in a report on Friday. Finally, Piper Sandler raised their price objective on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Six analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $52.87.

Occidental Petroleum Stock Up 1.4%

Shares of NYSE:OXY opened at $44.86 on Friday. The firm’s 50 day moving average price is $45.63 and its 200 day moving average price is $43.82. The stock has a market cap of $44.16 billion, a price-to-earnings ratio of 26.54 and a beta of 0.95. Occidental Petroleum has a fifty-two week low of $34.78 and a fifty-two week high of $56.49. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm’s revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.03 earnings per share. As a group, equities research analysts predict that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum’s payout ratio is presently 56.80%.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Occidental Petroleum by 10.3% in the 2nd quarter. Vanguard Group Inc. now owns 88,504,019 shares of the oil and gas producer’s stock valued at $3,718,054,000 after acquiring an additional 8,273,030 shares during the period. State Street Corp increased its stake in Occidental Petroleum by 1.6% in the 2nd quarter. State Street Corp now owns 39,044,478 shares of the oil and gas producer’s stock valued at $1,649,147,000 after buying an additional 615,566 shares during the period. Geode Capital Management LLC raised its position in Occidental Petroleum by 22.0% during the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock worth $756,796,000 after buying an additional 3,267,269 shares during the last quarter. H&H International Investment LLC lifted its stake in shares of Occidental Petroleum by 1.8% in the 1st quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer’s stock worth $682,456,000 after acquiring an additional 249,100 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Occidental Petroleum by 9.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer’s stock worth $401,162,000 after acquiring an additional 710,220 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

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.