Occidental Petroleum (NYSE:OXY) Price Target Raised to $78.00

Occidental Petroleum (NYSE:OXY) had its price objective lifted by Raymond James from $77.00 to $78.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a strong-buy rating on the oil and gas producer’s stock.

Several other research firms also recently weighed in on OXY. Susquehanna lowered their price objective on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a report on Thursday, November 14th. Jefferies Financial Group upped their target price on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Evercore ISI decreased their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Finally, Wolfe Research upped their price target on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $63.70.

Occidental Petroleum Trading Up 0.8 %

NYSE OXY opened at $51.93 on Thursday. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. Occidental Petroleum has a 52 week low of $48.42 and a 52 week high of $71.18. The business has a 50 day moving average price of $51.79 and a 200-day moving average price of $56.96. The company has a market cap of $48.73 billion, a price-to-earnings ratio of 13.52 and a beta of 1.58.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.69%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the company. Stephens Inc. AR lifted its position in shares of Occidental Petroleum by 221.0% during the 3rd quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock valued at $777,000 after buying an additional 10,382 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Occidental Petroleum by 1.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,482,049 shares of the oil and gas producer’s stock valued at $76,385,000 after purchasing an additional 22,920 shares during the last quarter. Czech National Bank boosted its position in Occidental Petroleum by 8.3% during the third quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after purchasing an additional 10,456 shares during the period. Discovery Capital Management LLC CT purchased a new position in shares of Occidental Petroleum in the second quarter worth about $10,331,000. Finally, Janney Montgomery Scott LLC raised its position in shares of Occidental Petroleum by 15.2% in the third quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer’s stock valued at $11,440,000 after purchasing an additional 29,344 shares during the period. 88.70% of the stock is owned by 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.