Occidental Petroleum (NYSE:OXY) Price Target Raised to $64.00

Occidental Petroleum (NYSE:OXY) had its price target lifted by Truist Financial from $63.00 to $64.00 in a report issued on Thursday,Benzinga reports. They currently have a hold rating on the oil and gas producer’s stock.

OXY has been the subject of several other research reports. Evercore raised Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price objective for the company in a research report on Wednesday, July 8th. Morgan Stanley dropped their target price on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. Stephens reduced their target price on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Barclays decreased their price target on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Finally, Citigroup decreased their price target on shares of Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, July 17th. Thirteen research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $66.71.

Occidental Petroleum Stock Performance

Shares of OXY opened at $62.36 on Thursday. The company has a 50-day simple moving average of $59.40 and a two-hundred day simple moving average of $57.28. 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 has a market capitalization of $62.34 billion, a PE ratio of 9.65, a price-to-earnings-growth ratio of 0.93 and a beta of 0.24. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.57. The company 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%. The firm’s revenue was up 53.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. On average, analysts anticipate that Occidental Petroleum will post 6.56 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, September 10th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, September 10th. Occidental Petroleum’s payout ratio is 17.34%.

Institutional Trading of Occidental Petroleum

Several large investors have recently modified their holdings of the company. Ardent Capital Management Inc. purchased a new position in Occidental Petroleum during the third quarter valued at approximately $1,381,000. Frank Rimerman Advisors LLC grew its holdings in shares of Occidental Petroleum by 16.8% in the third quarter. Frank Rimerman Advisors LLC now owns 13,032 shares of the oil and gas producer’s stock valued at $721,000 after purchasing an additional 1,874 shares in the last quarter. Counterpoint Mutual Funds LLC grew its stake in shares of Occidental Petroleum by 12.6% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 161,971 shares of the oil and gas producer’s stock worth $8,960,000 after buying an additional 18,185 shares in the last quarter. Avail Investment Partners LLC purchased a new position in Occidental Petroleum in the third quarter worth about $352,000. Finally, Aspiriant LLC increased its position in shares of Occidental Petroleum by 15.2% during the 3rd quarter. Aspiriant LLC now owns 9,513 shares of the oil and gas producer’s stock valued at $526,000 after purchasing an additional 1,252 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

More Occidental Petroleum News

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

• Positive Sentiment: Roth Capital upgraded OXY from “neutral” to “buy” and assigned a $70 price target. The target implies meaningful upside from the stock’s recent trading level and is the strongest direct bullish catalyst in the latest coverage.
• Positive Sentiment: Morgan Stanley raised its price target from $69 to $71 while maintaining an “equal weight” rating, indicating greater valuation support despite a cautious overall stance.
• Positive Sentiment: Analysts at Zacks highlighted Occidental’s history of earnings surprises and the combination of estimate revisions and earnings trends that could support another quarterly beat. Will Occidental Beat Estimates Again in Its Next Earnings Report?
• Positive Sentiment: Recent commentary pointing to Occidental’s valuation and potential undervaluation may be attracting value-focused investors. The company’s latest reported quarter also showed substantial year-over-year revenue and earnings growth.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, commonly known as Oxy, is an energy company engaged in the exploration, development and production of oil and natural gas. Its upstream operations are concentrated in the United States, including the Permian and Denver-Julesburg basins, and in selected international regions such as the Middle East and North Africa.

The company also operates midstream and marketing businesses that support the gathering, processing, transportation and sale of oil, natural gas and natural gas liquids.