Occidental Petroleum (NYSE:OXY) Upgraded at Roth Capital

Roth Capital upgraded shares of Occidental Petroleum (NYSE:OXY) from a neutral rating to a buy rating in a research report released on Friday, Marketbeat reports. They currently have $70.00 target price on the oil and gas producer’s stock.

A number of other equities research analysts have also weighed in on the company. Stephens lowered their price objective on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Tuesday, July 14th. Wells Fargo & Company lifted their price objective on Occidental Petroleum from $79.00 to $82.00 and gave the stock an “overweight” rating in a report on Monday, September 14th. Wall Street Zen raised Occidental Petroleum from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 10th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $68.00 target price on shares of Occidental Petroleum in a research report on Wednesday. Finally, Citigroup reduced their target price on 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 analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat, Occidental Petroleum has an average rating of “Hold” and a consensus target price of $66.71.

Occidental Petroleum Stock Down 0.0%

Shares of Occidental Petroleum stock opened at $62.36 on Friday. The business has a 50-day moving average of $59.40 and a 200-day moving average of $57.22. 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 company has a market capitalization of $62.34 billion, a PE ratio of 9.65, a P/E/G ratio of 0.92 and a beta of 0.24. Occidental Petroleum has a 1-year low of $38.80 and a 1-year high of $67.45.

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, topping 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 business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same period in the previous year, the company earned $0.39 earnings per share. The company’s revenue for the quarter was up 53.4% compared to the same quarter last year. As a group, equities analysts forecast that Occidental Petroleum will post 6.56 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, September 10th were issued a $0.28 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend 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%.

Institutional Trading of Occidental Petroleum

Hedge funds have recently bought and sold shares of the company. Berkshire Hathaway Inc acquired a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $12,868,205,000. State Street Corp raised its holdings in shares of Occidental Petroleum by 6.6% during the second quarter. State Street Corp now owns 46,141,269 shares of the oil and gas producer’s stock valued at $2,252,271,000 after buying an additional 2,870,472 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Occidental Petroleum by 84.8% during the second 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 buying an additional 4,882,834 shares during the last quarter. Amundi boosted its position in shares of Occidental Petroleum by 2.7% during the first quarter. Amundi now owns 2,979,380 shares of the oil and gas producer’s stock worth $193,660,000 after buying an additional 78,335 shares during the period. Finally, Danske Bank A S acquired a new position in shares of Occidental Petroleum during the second quarter worth approximately $172,413,000. 88.70% of the stock is currently owned by institutional investors.

Trending Headlines about Occidental Petroleum

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.

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.