Occidental Petroleum (NYSE:OXY) Price Target Raised to $71.00

Occidental Petroleum (NYSE:OXY) had its target price boosted by Morgan Stanley from $69.00 to $71.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an equal weight rating on the oil and gas producer’s stock.

Other research analysts have also issued research reports about the company. Stifel Nicolaus assumed coverage on Occidental Petroleum in a research report on Thursday, September 10th. They set a “hold” rating and a $68.00 price target for the company. Wells Fargo & Company raised their price target on Occidental Petroleum from $79.00 to $82.00 and gave the company an “overweight” rating in a report on Monday, September 14th. Barclays lowered their price target on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. The Goldman Sachs Group upgraded shares of Occidental Petroleum from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $63.00 to $69.00 in a research note on Thursday, October 1st. Finally, Stephens reduced their price objective on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Thirteen research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $66.71.

Occidental Petroleum Stock Performance

OXY opened at $62.36 on Thursday. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. The business’s 50 day moving average is $59.40 and its 200-day moving average is $57.28. The stock has a market cap of $62.34 billion, a PE ratio of 9.65, a price-to-earnings-growth ratio of 0.93 and a beta of 0.24. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45.

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 (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 during the quarter, compared to analyst estimates of $7.07 billion. During the same period in the prior year, the company posted $0.39 EPS. The business’s revenue for the quarter was up 53.4% compared to the same quarter last year. On average, analysts predict that Occidental Petroleum will post 6.56 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, September 10th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, September 10th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 1.8%. Occidental Petroleum’s dividend payout ratio is presently 17.34%.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Berkshire Hathaway Inc bought a new stake in Occidental Petroleum in the second quarter worth about $12,868,205,000. Engineers Gate Manager LP boosted its position in shares of Occidental Petroleum by 1,329.2% during the 2nd quarter. Engineers Gate Manager LP now owns 59,725 shares of the oil and gas producer’s stock valued at $2,901,000 after purchasing an additional 55,546 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Occidental Petroleum during the 2nd quarter valued at about $10,041,000. Swiss National Bank boosted its position in shares of Occidental Petroleum by 7.2% during the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock valued at $140,947,000 after purchasing an additional 145,100 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Occidental Petroleum by 4.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer’s stock worth $109,536,000 after purchasing an additional 66,438 shares during the last quarter. 88.70% of the stock is 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.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, commonly known as Oxy, is an energy company engaged in the exploration, development and production of oil and natural gas. Its upstream operations are concentrated in the United States, including the Permian and Denver-Julesburg basins, and in selected international regions such as the Middle East and North Africa.

The company also operates midstream and marketing businesses that support the gathering, processing, transportation and sale of oil, natural gas and natural gas liquids.