Occidental Petroleum (NYSE:OXY) Price Target Raised to $80.00

Occidental Petroleum (NYSE:OXY) had its price objective boosted by Stephens from $78.00 to $80.00 in a research report released on Monday,Benzinga reports. Stephens currently has an overweight rating on the oil and gas producer’s stock.

Other research analysts have also issued research reports about the company. Seaport Research Partners started coverage on Occidental Petroleum in a research report on Thursday, September 3rd. They issued a “buy” rating and a $73.00 price target for the company. Truist Financial upped their price objective on Occidental Petroleum from $63.00 to $64.00 and gave the company a “hold” rating in a research report on Thursday, October 15th. Barclays lowered their price objective on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Zacks Research lowered Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Wall Street Zen upgraded Occidental Petroleum from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 10th. Thirteen investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $67.46.

Occidental Petroleum Stock Performance

Shares of NYSE:OXY opened at $62.71 on Monday. The firm has a fifty day simple moving average of $59.65 and a two-hundred day simple moving average of $57.21. Occidental Petroleum has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $62.69 billion, a P/E ratio of 14.27, a PEG ratio of 0.94 and a beta of 0.24.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion for the quarter, compared to analysts’ expectations of $7.07 billion. During the same period in the prior year, the company earned $0.39 EPS. The business’s revenue was up 53.4% compared to the same quarter last year. On average, analysts expect that Occidental Petroleum will post 6.43 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th were issued a $0.28 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date was Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Occidental Petroleum’s dividend payout ratio (DPR) is 17.34%.

Hedge Funds Weigh In On Occidental Petroleum

A number of large investors have recently made changes to their positions in OXY. Whittier Trust Co. of Nevada Inc. raised its position in Occidental Petroleum by 12.5% in the 1st 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. Venture Visionary Partners LLC lifted its stake in Occidental Petroleum by 2.2% in the third quarter. Venture Visionary Partners LLC now owns 9,639 shares of the oil and gas producer’s stock worth $533,000 after purchasing an additional 203 shares during the last quarter. Athena Wealth Management LLC boosted its position in shares of Occidental Petroleum by 1.2% during the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock valued at $1,206,000 after buying an additional 214 shares during the period. Elevation Wealth Partners LLC boosted its position in shares of Occidental Petroleum by 15.8% during the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock valued at $78,000 after buying an additional 220 shares during the period. Finally, HBK Sorce Advisory LLC grew its stake in shares of Occidental Petroleum by 2.8% during the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock valued at $442,000 after buying an additional 220 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Occidental Petroleum

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

• Positive Sentiment: Analyst upgrades and higher price targets support the stock. Roth Capital upgraded OXY to “Buy” with a $70 target, while Susquehanna raised its target from $70 to $77 and maintained a positive rating. Stephens also forecast strong potential appreciation. These actions signal improving Wall Street confidence in Occidental’s earnings and valuation. Roth Capital upgrades Occidental Petroleum stock Stephens forecasts strong price appreciation
• Positive Sentiment: Improving crude prices could lift cash flow. A climb in crude prices is helping stabilize the outlook for Occidental’s oil-and-gas operations as investors approach earnings. Higher realized prices generally support production revenue, margins and debt reduction. Climbing crude and Occidental earnings week
• Positive Sentiment: Estimate revisions and momentum screens are favorable. OXY was included among S&P 500 companies seeing notable earnings-estimate increases, while Zacks highlighted its momentum characteristics and growing investor interest. The company’s previous quarter also featured substantially higher revenue and an EPS beat, providing a favorable comparison heading into the next report.
• Neutral Sentiment: Earnings are the next major catalyst. Multiple reports emphasize that OXY is in earnings week. Investors will focus on production, realized oil prices, free cash flow, debt repayment and management’s outlook; strong results could validate the higher targets, while a cautious forecast could limit gains.
• Negative Sentiment: Commodity-price and execution risks remain. The bullish case depends heavily on sustained crude strength. Any reversal in oil prices, weaker production, or disappointing guidance could pressure earnings and offset the recent analyst optimism.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company’s OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.