Occidental Petroleum (NYSE:OXY) Price Target Raised to $67.00

Occidental Petroleum (NYSE:OXY) had its price target upped by UBS Group from $59.00 to $67.00 in a research note issued to investors on Monday morning,Benzinga reports. UBS Group currently has a neutral rating on the oil and gas producer’s stock.

Several other analysts have also recently commented on the company. Seaport Research Partners assumed coverage on Occidental Petroleum in a report on Thursday, September 3rd. They issued a “buy” rating and a $73.00 price target for the company. Weiss Ratings lowered Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Zacks Research cut Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Stifel Nicolaus started coverage on Occidental Petroleum in a report on Thursday, September 10th. They issued a “hold” rating and a $68.00 target price for the company. Finally, Evercore upgraded shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Wednesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $65.17.

Occidental Petroleum Trading Down 6.5%

Shares of Occidental Petroleum stock opened at $59.37 on Monday. The firm has a market cap of $59.35 billion, a price-to-earnings ratio of 9.19, a price-to-earnings-growth ratio of 0.99 and a beta of 0.16. Occidental Petroleum has a 52-week low of $38.80 and a 52-week high of $67.45. The company’s 50-day simple moving average is $57.94 and its 200-day simple moving average is $57.13. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The firm’s revenue for the quarter was up 53.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Occidental Petroleum will post 6.2 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, September 10th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 10th. Occidental Petroleum’s payout ratio is currently 17.34%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard Jackson acquired 4,770 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average cost 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 approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of large investors have recently bought and sold shares of OXY. Berkshire Hathaway Inc purchased a new stake in shares of Occidental Petroleum in the second quarter valued at $12,868,205,000. Geode Capital Management LLC increased its position in Occidental Petroleum by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock worth $771,949,000 after purchasing an additional 167,518 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Occidental Petroleum by 84.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after purchasing an additional 4,882,834 shares during the last quarter. Legal & General Group Plc lifted its holdings in Occidental Petroleum by 2.2% in the 4th quarter. Legal & General Group Plc now owns 3,884,572 shares of the oil and gas producer’s stock valued at $159,734,000 after purchasing an additional 83,131 shares in the last quarter. Finally, Danske Bank A S purchased a new position in Occidental Petroleum in the 2nd quarter valued at about $172,413,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Key Stories Impacting Occidental Petroleum

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

• Positive Sentiment: Occidental’s second-quarter performance remained a key fundamental positive. The company reported $2.40 in earnings per share, well above the $1.83 analyst estimate, while revenue increased 53.4% year over year to $8.07 billion. The results also included strong cash flow and a higher quarterly dividend. Diversified Upstream E&P Stocks Q2 Earnings
• Positive Sentiment: Several analysts’ recent price targets remain above the current trading level, with a reported six-month median target of $67. UBS also published a forecast calling for potential appreciation, although its separate rating remains Hold. UBS Group Forecasts Strong Price Appreciation
• Positive Sentiment: Occidental CEO Richard A. Jackson reportedly purchased 4,770 shares, signaling insider confidence, though one insider transaction is not sufficient to establish a broader trend.
• Neutral Sentiment: UBS reaffirmed its Hold rating on OXY. This suggests analysts see a balanced risk-reward profile despite the company’s strong earnings and continued investor attention. UBS Reaffirms Hold Rating
• Negative Sentiment: Crude oil’s pullback pressured exploration and production stocks broadly, including OXY. Reports cited inventory data, profit-taking after recent energy-sector strength, and investor caution ahead of the Federal Reserve’s interest-rate decision. Occidental Petroleum Stock Slides Wednesday
• Negative Sentiment: Because Occidental’s earnings and cash flow are highly sensitive to oil prices, weaker crude benchmarks can weigh disproportionately on OXY even without a change in the company’s operating outlook. Oil Producers Slide as Crude Retreats

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.