Occidental Petroleum Corporation (NYSE:OXY) Given Consensus Rating of "Hold" by Analysts

Key Points

• Analysts rate Occidental Petroleum “Hold” overall: Of 26 analysts, 16 recommend holding and 10 recommend buying, with an average 12-month price target of approximately $64.83.
• Recent financial results exceeded expectations: Occidental reported quarterly EPS of $2.40 versus the $1.83 consensus estimate and revenue of $8.06 billion, up 53.4% year over year.
• The company raised its quarterly dividend to $0.28 per share from $0.26, implying an annualized dividend of $1.12 and a yield of about 1.9%; institutional investors own 88.7% of the stock.

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) has received a consensus recommendation of "Hold" from the twenty-six ratings firms that are currently covering the firm, Marketbeat reports. Sixteen research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $64.8261.

OXY has been the topic of a number of research analyst reports. UBS Group lowered their price target on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. Wells Fargo & Company lifted their price objective on Occidental Petroleum from $72.00 to $79.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Truist Financial upped their target price on shares of Occidental Petroleum from $57.00 to $63.00 and gave the company a "hold" rating in a research note on Monday, August 10th. Capital One Financial raised their price target on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Finally, Morgan Stanley reduced their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a research note on Friday, June 26th.

Insider Buying and Selling

In related news, CEO Richard A. Jackson bought 4,770 shares of the business's stock in a transaction on Tuesday, June 23rd. The stock was acquired at an average price of $52.38 per share, with a total value of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.50% of the company's stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of the company. Woodline Partners LP increased its position in Occidental Petroleum by 40.7% during the first 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 during the last quarter. Marshall Wace LLP bought a new position in Occidental Petroleum in the second quarter valued at about $4,584,000. Federated Hermes Inc. boosted its position in Occidental Petroleum by 696.7% in the second 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. boosted its position in Occidental Petroleum by 7.4% in the second 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 during the last quarter. Finally, AXA S.A. grew its stake in shares of Occidental Petroleum by 24.3% during 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 purchasing an additional 26,741 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

Shares of OXY opened at $59.12 on Monday. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a market capitalization of $59.10 billion, a P/E ratio of 9.15, a price-to-earnings-growth ratio of 0.94 and a beta of 0.15. The firm has a 50 day moving average of $55.18 and a 200 day moving average of $56.01. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.57. The business had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The firm's quarterly revenue was up 53.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 EPS. As a group, equities research analysts anticipate that Occidental Petroleum will post 6.09 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a $0.28 dividend. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date is Thursday, September 10th. Occidental Petroleum's dividend payout ratio is 16.10%.

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.

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