Occidental Petroleum (NYSE:OXY) Given New $71.00 Price Target at Stephens

Occidental Petroleum (NYSE:OXY) had its price target boosted by Stephens from $70.00 to $71.00 in a report issued on Wednesday,Benzinga reports. Stephens currently has an overweight rating on the oil and gas producer’s stock.

A number of other equities research analysts have also recently commented on the stock. Bank of America began coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. TD Cowen decreased their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. UBS Group lowered their price target on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Finally, Jefferies Financial Group upped their price target on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $63.70.

Occidental Petroleum Stock Performance

NYSE:OXY traded up $0.78 during mid-day trading on Wednesday, hitting $51.90. The company’s stock had a trading volume of 1,381,967 shares, compared to its average volume of 9,298,658. Occidental Petroleum has a 1 year low of $48.42 and a 1 year high of $71.18. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The stock has a market cap of $47.00 billion, a price-to-earnings ratio of 13.31 and a beta of 1.58. The business’s fifty day moving average is $51.90 and its two-hundred day moving average is $57.67.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OXY. Fortitude Family Office LLC increased its holdings in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 304 shares during the period. Mizuho Securities Co. Ltd. purchased a new stake in shares of Occidental Petroleum in the third quarter valued at about $32,000. New Covenant Trust Company N.A. purchased a new position in shares of Occidental Petroleum during the first quarter worth about $44,000. LRI Investments LLC acquired a new position in Occidental Petroleum in the 1st quarter valued at about $44,000. Finally, Transamerica Financial Advisors Inc. acquired a new stake in Occidental Petroleum during the 3rd quarter worth approximately $50,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.