Jefferies Group LLC Increases Occidental Petroleum Corporation (NYSE:OXY) Price Target to $66.00

Occidental Petroleum Corporation (NYSE:OXY) had its price target hoisted by Jefferies Group LLC from $62.00 to $66.00 in a research note released on Friday, November 3rd. The brokerage currently has a hold rating on the oil and gas producer’s stock.

A number of other equities analysts have also recently weighed in on the stock. Cowen and Company reaffirmed a buy rating and set a $80.00 price objective on shares of Occidental Petroleum Corporation in a research report on Thursday, September 28th. Morgan Stanley raised their price objective on shares of Occidental Petroleum Corporation from $62.00 to $66.00 and gave the company an equal weight rating in a report on Wednesday, October 18th. BMO Capital Markets set a $60.00 price objective on shares of Occidental Petroleum Corporation and gave the company a hold rating in a report on Tuesday, October 10th. Barclays PLC lifted their price target on shares of Occidental Petroleum Corporation from $38.00 to $40.00 and gave the stock an underweight rating in a research note on Wednesday, October 11th. Finally, Bank of America Corporation lifted their price target on shares of Occidental Petroleum Corporation from $70.00 to $76.00 and gave the stock a buy rating in a research note on Friday, October 13th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $66.07.

Occidental Petroleum Corporation (OXY) traded up $0.52 on Friday, hitting $67.19. 877,606 shares of the company traded hands, compared to its average volume of 4,521,507. Occidental Petroleum Corporation has a 52-week low of $57.20 and a 52-week high of $73.51. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.95 and a current ratio of 1.11. The firm has a market cap of $51,516.32, a P/E ratio of 192.34, a PEG ratio of 14.33 and a beta of 0.63.

Occidental Petroleum Corporation (NYSE:OXY) last posted its quarterly earnings results on Wednesday, November 1st. The oil and gas producer reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.07. Occidental Petroleum Corporation had a net margin of 4.33% and a return on equity of 1.31%. The business had revenue of $3 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the company posted ($0.15) EPS. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. sell-side analysts expect that Occidental Petroleum Corporation will post 0.72 earnings per share for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Monday, December 11th will be given a $0.77 dividend. The ex-dividend date is Friday, December 8th. This represents a $3.08 dividend on an annualized basis and a yield of 4.58%. Occidental Petroleum Corporation’s dividend payout ratio is presently 440.00%.

A number of institutional investors and hedge funds have recently made changes to their positions in OXY. Grove Bank & Trust boosted its holdings in shares of Occidental Petroleum Corporation by 54.8% in the second quarter. Grove Bank & Trust now owns 1,758 shares of the oil and gas producer’s stock worth $105,000 after buying an additional 622 shares during the period. Oakworth Capital Inc. boosted its holdings in shares of Occidental Petroleum Corporation by 14.7% in the second quarter. Oakworth Capital Inc. now owns 1,952 shares of the oil and gas producer’s stock worth $117,000 after buying an additional 250 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Occidental Petroleum Corporation by 15.6% in the first quarter. Parallel Advisors LLC now owns 1,961 shares of the oil and gas producer’s stock worth $118,000 after buying an additional 264 shares during the period. Fis Group Inc. acquired a new position in shares of Occidental Petroleum Corporation in the third quarter worth about $126,000. Finally, Enterprise Financial Services Corp boosted its holdings in shares of Occidental Petroleum Corporation by 68.5% in the third quarter. Enterprise Financial Services Corp now owns 1,982 shares of the oil and gas producer’s stock worth $127,000 after buying an additional 806 shares during the period. Hedge funds and other institutional investors own 80.29% of the company’s stock.

About Occidental Petroleum Corporation

Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.

Analyst Recommendations for Occidental Petroleum Corporation (NYSE:OXY)

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