Occidental Petroleum (NYSE:OXY) Price Target Raised to $63.00

Occidental Petroleum (NYSE:OXY) had its target price hoisted by Truist Financial from $57.00 to $63.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a hold rating on the oil and gas producer’s stock.

OXY has been the topic of a number of other research reports. Wells Fargo & Company lifted their price objective on Occidental Petroleum from $72.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Stephens lowered their price objective on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Capital One Financial raised their target price on Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. The Goldman Sachs Group dropped their price target on shares of Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, June 30th. Finally, Wall Street Zen upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $65.00.

Occidental Petroleum Stock Down 0.9%

OXY stock opened at $58.54 on Monday. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The firm’s fifty day moving average is $54.18 and its 200 day moving average is $54.81. The firm has a market cap of $58.52 billion, a PE ratio of 9.06, a P/E/G ratio of 0.81 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. The business had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company’s revenue was up 53.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 earnings per share. On average, research analysts forecast that Occidental Petroleum will post 5.74 EPS for the current year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.28 per share. 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 is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 16.10%.

Insider Buying and Selling

In other news, CEO Richard A. Jackson purchased 4,770 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Trading of Occidental Petroleum

A number of institutional investors have recently added to or reduced their stakes in OXY. Vanguard Group Inc. boosted its stake in shares of Occidental Petroleum by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock valued at $3,696,716,000 after acquiring an additional 699,137 shares during the last quarter. State Street Corp lifted its holdings in Occidental Petroleum by 2.1% in the 4th quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock valued at $1,635,263,000 after purchasing an additional 828,848 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Occidental Petroleum by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after purchasing an additional 167,518 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock worth $516,975,000 after purchasing an additional 4,882,834 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after buying an additional 1,883,721 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.