Occidental Petroleum Corporation (NYSE:OXY) Receives $64.83 Consensus Target Price from Brokerages

Occidental Petroleum Corporation (NYSE:OXY) has earned an average rating of “Hold” from the twenty-six brokerages that are currently covering the stock, Marketbeat reports. Sixteen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $64.8261.

OXY has been the topic of several recent research reports. Weiss Ratings downgraded Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Truist Financial lifted their price objective on Occidental Petroleum from $57.00 to $63.00 and gave the stock a “hold” rating in a research report on Monday, August 10th. Barclays reduced their target price on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Susquehanna raised their price target on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Finally, Zacks Research downgraded shares of Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd.

Occidental Petroleum News Roundup

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: New analyst coverage adds support. Seaport Global initiated coverage of Occidental with a Buy rating, potentially improving investor sentiment and reinforcing the case that OXY remains undervalued relative to its earnings and cash-flow potential. Occidental Petroleum receives a Buy from Seaport Global
• Positive Sentiment: Post-earnings momentum remains notable. OXY is up 8.2% since reporting results 30 days ago. Investors are now watching forward earnings estimates to determine whether the rally can continue; the company’s prior earnings beat and substantial year-over-year revenue growth provide a constructive fundamental backdrop. Occidental up 8.2% since its last earnings report
• Neutral Sentiment: Broader value-investing commentary offers limited new information. Recent articles discussing cash-producing and value stocks may support interest in inexpensive, profitable companies, but the available reports do not identify a new operational development, acquisition, production update, or earnings revision for Occidental. Cash-producing stocks on a buy list
• Negative Sentiment: No new company-specific downside catalyst was reported. Following the recent advance, OXY may be vulnerable to profit-taking or weaker oil prices, but the supplied articles do not cite a new negative development. The absence of fresh earnings guidance or operating news may help explain why the stock has recently decreased despite favorable analyst coverage.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard Jackson purchased 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 purchase, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. This trade represents a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Several large investors have recently added to or reduced their stakes in OXY. Whittier Trust Co. of Nevada Inc. grew its stake in Occidental Petroleum by 12.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock worth $111,000 after purchasing an additional 196 shares during the period. Athena Wealth Management LLC boosted its holdings in shares of Occidental Petroleum by 1.2% during the 1st quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock worth $1,206,000 after buying an additional 214 shares in the last quarter. Elevation Wealth Partners LLC grew its position in shares of Occidental Petroleum by 15.8% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock worth $78,000 after buying an additional 220 shares during the period. HBK Sorce Advisory LLC grew its holdings in Occidental Petroleum by 2.8% in the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock worth $442,000 after purchasing an additional 220 shares during the period. Finally, Summit Securities Group LLC increased its position in Occidental Petroleum by 18.5% in the 4th quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer’s stock valued at $60,000 after buying an additional 229 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Up 0.0%

Shares of NYSE OXY opened at $60.05 on Monday. Occidental Petroleum has a 12-month low of $38.80 and a 12-month high of $67.45. The company has a market capitalization of $60.03 billion, a PE ratio of 9.30, a price-to-earnings-growth ratio of 0.95 and a beta of 0.16. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The firm’s 50-day moving average is $56.10 and its two-hundred day moving average is $56.52.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.Occidental Petroleum’s revenue was up 53.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. Equities analysts anticipate that Occidental Petroleum will post 6.11 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Thursday, September 10th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio is presently 16.10%.

About Occidental Petroleum

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.