Occidental Petroleum (NYSE:OXY) Reaches New 52-Week High Following Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) shares reached a new 52-week high on Friday after Wells Fargo & Company raised their price target on the stock from $62.00 to $70.00. Wells Fargo & Company currently has an equal weight rating on the stock. Occidental Petroleum traded as high as $71.11 and last traded at $70.39, with a volume of 2606706 shares. The stock had previously closed at $69.26.

OXY has been the topic of a number of other reports. StockNews.com upgraded shares of Occidental Petroleum from a "sell" rating to a "hold" rating in a research note on Friday, March 15th. Raymond James reduced their price target on shares of Occidental Petroleum from $70.00 to $68.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, January 24th. Truist Financial raised their price target on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, April 5th. Mizuho raised their price target on shares of Occidental Petroleum from $69.00 to $70.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, Morgan Stanley raised their price target on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an "overweight" rating in a research note on Thursday, March 28th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $72.06.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Occidental Petroleum in the 3rd quarter valued at $26,000. Orion Capital Management LLC bought a new stake in shares of Occidental Petroleum in the 3rd quarter valued at $27,000. TLW Wealth Management LLC bought a new stake in shares of Occidental Petroleum in the 4th quarter valued at $28,000. Grove Bank & Trust increased its stake in shares of Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer's stock valued at $31,000 after acquiring an additional 240 shares in the last quarter. Finally, Criterion Capital Advisors LLC bought a new stake in shares of Occidental Petroleum in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Stock Down 0.3 %

The firm's 50 day moving average price is $62.23 and its two-hundred day moving average price is $61.03. The company has a market cap of $61.19 billion, a P/E ratio of 18.01 and a beta of 1.64. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, meeting the consensus estimate of $0.74. The company had revenue of $7.53 billion during the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. Occidental Petroleum's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.61 EPS. Equities research analysts anticipate that Occidental Petroleum Co. will post 3.84 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 8th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date is Thursday, March 7th. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.18. Occidental Petroleum's payout ratio is 22.51%.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.