Occidental Petroleum (NYSE:OXY) Price Target Raised to $70.00 at Capital One Financial

Occidental Petroleum (NYSE:OXY) had its price target boosted by Capital One Financial from $67.00 to $70.00 in a research report report published on Wednesday morning,MarketScreener reports.

Other equities research analysts have also issued research reports about the company. Zacks Research raised Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 31st. Wells Fargo & Company increased their target price on Occidental Petroleum from $69.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. TD Cowen raised their target price on shares of Occidental Petroleum from $48.00 to $54.00 and gave the stock a “hold” rating in a report on Monday, February 23rd. Wall Street Zen upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Roth Mkm increased their price objective on shares of Occidental Petroleum from $45.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $63.74.

Occidental Petroleum Trading Up 1.1%

Shares of NYSE:OXY traded up $0.63 during mid-day trading on Wednesday, reaching $57.52. The stock had a trading volume of 3,715,263 shares, compared to its average volume of 14,987,596. The firm has a 50 day simple moving average of $58.93 and a two-hundred day simple moving average of $49.81. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The firm has a market cap of $57.21 billion, a PE ratio of 14.49 and a beta of 0.17. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping the consensus estimate of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter last year, the business posted $0.14 EPS. The firm’s revenue was down 8.3% compared to the same quarter last year. On average, research analysts predict that Occidental Petroleum will post 5.33 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, June 10th will be issued a dividend of $0.26 per share. The ex-dividend date is Wednesday, June 10th. This represents a $1.04 annualized dividend and a yield of 1.8%. Occidental Petroleum’s dividend payout ratio is presently 26.20%.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in OXY. Woodline Partners LP grew its holdings in shares of Occidental Petroleum by 40.7% in the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after acquiring an additional 16,506 shares in the last quarter. Marshall Wace LLP bought a new position in Occidental Petroleum in the second quarter valued at approximately $4,584,000. Federated Hermes Inc. increased its position in shares of Occidental Petroleum by 696.7% during the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after purchasing an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Occidental Petroleum by 7.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after purchasing an additional 7,285 shares in the last quarter. Finally, AXA S.A. boosted its holdings in shares of Occidental Petroleum by 24.3% in the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock valued at $5,740,000 after buying an additional 26,741 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

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.