Occidental Petroleum (NYSE:OXY) Shares Up 0.1% Following Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY - Get Free Report)'s stock price rose 0.1% during trading on Tuesday after Susquehanna raised their price target on the stock from $70.00 to $81.00. Susquehanna currently has a positive rating on the stock. Occidental Petroleum traded as high as $67.10 and last traded at $67.09. Approximately 1,284,123 shares were traded during trading, a decline of 85% from the average daily volume of 8,676,997 shares. The stock had previously closed at $67.00.

A number of other equities research analysts have also commented on OXY. HSBC initiated coverage on shares of Occidental Petroleum in a report on Monday, April 8th. They set a "hold" rating and a $65.00 price target for the company. Stephens reiterated an "overweight" rating and set a $74.00 price target on shares of Occidental Petroleum in a report on Thursday, February 15th. StockNews.com upgraded shares of Occidental Petroleum from a "sell" rating to a "hold" rating in a report on Friday, March 15th. Truist Financial boosted their price objective on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, April 5th. Finally, Raymond James reduced their price objective on shares of Occidental Petroleum from $70.00 to $68.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, January 24th. Nine equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $71.94.

Institutional Trading of Occidental Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the business. Investment Research & Advisory Group Inc. boosted its stake in Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer's stock worth $25,000 after purchasing an additional 167 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in Occidental Petroleum in the 3rd quarter worth about $26,000. Orion Capital Management LLC bought a new position in Occidental Petroleum in the 3rd quarter worth about $27,000. TLW Wealth Management LLC bought a new position in Occidental Petroleum in the 4th quarter worth about $28,000. Finally, Grove Bank & Trust boosted its stake in Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 240 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Trading Up 0.6 %

The company has a market cap of $59.74 billion, a P/E ratio of 17.24 and a beta of 1.64. The stock's 50 day moving average is $63.77 and its 200-day moving average is $61.25. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The business had revenue of $7.53 billion for the quarter, compared to analysts' expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.61 EPS. Research analysts anticipate that Occidental Petroleum Co. will post 3.82 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 8th were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, March 7th. This represents a $0.88 annualized dividend and a yield of 1.31%. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.18. Occidental Petroleum's dividend payout ratio is currently 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.