Occidental Petroleum Corporation (NYSE:OXY) Stock Has Average Target Price of $67.71

Key Points

• Analyst sentiment is moderately positive: 27 analysts have an average “Hold” recommendation for Occidental Petroleum, with 15 holds and 12 buys. The average 12-month price target is $67.71, above the reported share price of $58.78.
• Quarterly earnings beat estimates: Occidental reported EPS of $1.91 versus the $1.46 consensus, while revenue of $6.77 billion came in slightly below estimates. Revenue rose 20.6% year over year.
• The company declared a quarterly dividend of $0.28 per share, equivalent to $1.12 annually and a 1.9% yield at the reported share price.

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) has been assigned an average recommendation of "Hold" from the twenty-seven analysts that are covering the company, MarketBeat reports. Fifteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $67.71.

Several equities analysts have recently issued reports on OXY shares. BMO Capital Markets reiterated a "market perform" rating and set a $68.00 target price on shares of Occidental Petroleum in a report on Wednesday, October 14th. Seaport Research Partners started coverage on Occidental Petroleum in a research note on Thursday, September 3rd. They issued a "buy" rating and a $73.00 price target on the stock. Barclays raised their price objective on Occidental Petroleum from $71.00 to $73.00 and gave the company an "overweight" rating in a research report on Friday. Susquehanna reiterated a "positive" rating on shares of Occidental Petroleum in a research note on Thursday. Finally, Wall Street Zen downgraded Occidental Petroleum from a "strong-buy" rating to a "buy" rating in a report on Saturday.

Occidental Petroleum Stock Up 0.6%

NYSE OXY traded up $0.38 during trading hours on Friday, reaching $58.78. 10,711,935 shares of the company's stock traded hands, compared to its average volume of 10,695,771. Occidental Petroleum has a 52-week low of $38.80 and a 52-week high of $67.45. The firm has a market cap of $58.77 billion, a PE ratio of 7.92, a PEG ratio of 0.66 and a beta of 0.16. The firm has a 50-day simple moving average of $59.75 and a 200 day simple moving average of $56.63. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.38 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Monday, November 9th. The oil and gas producer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.46 by $0.45. Occidental Petroleum had a net margin of 32.17% and a return on equity of 18.55%. The business had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.82 billion. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Occidental Petroleum's quarterly revenue was up 20.6% on a year-over-year basis. Sell-side analysts anticipate that Occidental Petroleum will post 7.01 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 10th will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, December 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Occidental Petroleum's dividend payout ratio (DPR) is presently 15.09%.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently bought and sold shares of the company. Evergreen Capital Management LLC raised its holdings in Occidental Petroleum by 2.7% in the third quarter. Evergreen Capital Management LLC now owns 5,929 shares of the oil and gas producer's stock valued at $330,000 after acquiring an additional 155 shares in the last quarter. Venture Visionary Partners LLC grew its holdings in Occidental Petroleum by 2.2% during the 3rd quarter. Venture Visionary Partners LLC now owns 9,639 shares of the oil and gas producer's stock worth $533,000 after acquiring an additional 203 shares in the last quarter. Elevation Wealth Partners LLC increased its position in shares of Occidental Petroleum by 15.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer's stock worth $78,000 after purchasing an additional 220 shares during the last quarter. HBK Sorce Advisory LLC increased its position in shares of Occidental Petroleum by 2.8% in the 2nd quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer's stock worth $442,000 after purchasing an additional 220 shares during the last quarter. Finally, CWA Asset Management Group LLC raised its stake in shares of Occidental Petroleum by 1.4% in the 3rd quarter. CWA Asset Management Group LLC now owns 16,957 shares of the oil and gas producer's stock valued at $938,000 after purchasing an additional 227 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy and chemicals company headquartered in Houston, Texas. Its oil and gas business explores for and produces crude oil, natural gas liquids and natural gas, with operations in the United States and international markets, including the Middle East and North Africa. Through its OxyChem business, Occidental manufactures and markets basic chemicals and vinyl products used in applications such as water treatment, construction and consumer goods. The company also develops carbon management and lower-carbon technology projects, including carbon capture and storage.

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