Truist Securities Increases Occidental Petroleum (NYSE:OXY) Price Target to $56.00

Occidental Petroleum (NYSE:OXY) had its price target lifted by Truist Securities from $50.00 to $56.00 in a research note published on Friday morning, Stock Target Advisor reports. The brokerage currently has a buy rating on the oil and gas producer’s stock. Truist Securities also issued estimates for Occidental Petroleum’s FY2021 earnings at $2.03 EPS and Q1 2022 earnings at $0.98 EPS.

OXY has been the topic of several other reports. Truist increased their price objective on shares of Occidental Petroleum from $50.00 to $56.00 and gave the company a buy rating in a research report on Friday. Zacks Investment Research downgraded shares of Occidental Petroleum from a strong-buy rating to a hold rating and set a $31.00 price target on the stock. in a research note on Tuesday, December 28th. Credit Suisse Group upped their price target on shares of Occidental Petroleum from $27.00 to $28.00 and gave the company an underperform rating in a research note on Friday, November 5th. Wells Fargo & Company downgraded shares of Occidental Petroleum from an equal weight rating to an underweight rating and decreased their price target for the company from $35.00 to $29.00 in a research note on Wednesday, January 5th. Finally, Morgan Stanley upped their price target on shares of Occidental Petroleum from $40.00 to $47.00 and gave the company an overweight rating in a research note on Wednesday, October 6th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Buy and a consensus target price of $36.24.

Shares of OXY opened at $35.51 on Friday. The company’s 50-day moving average is $30.79 and its 200-day moving average is $29.39. Occidental Petroleum has a fifty-two week low of $19.46 and a fifty-two week high of $35.75. The company has a debt-to-equity ratio of 3.39, a current ratio of 1.08 and a quick ratio of 0.89.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Thursday, November 4th. The oil and gas producer reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.21. The company had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.57 billion. Occidental Petroleum had a negative net margin of 1.51% and a positive return on equity of 7.75%. The company’s revenue was up 107.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.84) earnings per share. As a group, equities research analysts anticipate that Occidental Petroleum will post 2.18 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, January 14th. Stockholders of record on Friday, December 10th were paid a $0.01 dividend. The ex-dividend date was Thursday, December 9th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.11%. Occidental Petroleum’s payout ratio is currently -3.28%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp boosted its stake in shares of Occidental Petroleum by 2.7% in the 2nd quarter. State Street Corp now owns 55,572,580 shares of the oil and gas producer’s stock valued at $1,738,303,000 after purchasing an additional 1,466,195 shares in the last quarter. GQG Partners LLC boosted its stake in shares of Occidental Petroleum by 13.4% in the 3rd quarter. GQG Partners LLC now owns 19,855,031 shares of the oil and gas producer’s stock valued at $587,238,000 after purchasing an additional 2,344,528 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Occidental Petroleum by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,301,382 shares of the oil and gas producer’s stock valued at $353,384,000 after purchasing an additional 174,933 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Occidental Petroleum by 5.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 8,775,281 shares of the oil and gas producer’s stock valued at $259,572,000 after purchasing an additional 444,442 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Occidental Petroleum by 0.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,005,328 shares of the oil and gas producer’s stock valued at $156,517,000 after purchasing an additional 12,859 shares in the last quarter. Institutional investors own 69.46% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.

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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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