Occidental Petroleum (NYSE:OXY) Rating Increased to Sector Outperform at Scotiabank

Scotiabank upgraded shares of Occidental Petroleum (NYSE:OXY - Free Report) from a sector perform rating to a sector outperform rating in a research note published on Thursday, MarketBeat.com reports. The firm currently has $90.00 price objective on the oil and gas producer's stock, up from their previous price objective of $63.00.

Several other equities analysts have also issued reports on the stock. HSBC assumed coverage on shares of Occidental Petroleum in a report on Monday. They issued a hold rating and a $65.00 price target for the company. Morgan Stanley increased their price target on Occidental Petroleum from $66.00 to $72.00 and gave the stock an overweight rating in a report on Thursday, March 28th. Stephens reiterated an overweight rating and set a $74.00 price objective on shares of Occidental Petroleum in a report on Thursday, February 15th. Raymond James lowered their target price on Occidental Petroleum from $70.00 to $68.00 and set a strong-buy rating for the company in a research note on Wednesday, January 24th. Finally, Mizuho lifted their price target on shares of Occidental Petroleum from $63.00 to $69.00 and gave the company a neutral rating in a research note on Friday, March 22nd. Ten investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $72.06.

Occidental Petroleum Trading Up 0.5 %

OXY traded up $0.34 during midday trading on Thursday, reaching $69.28. 7,073,899 shares of the company were exchanged, compared to its average volume of 8,703,607. The stock has a market capitalization of $61.41 billion, a P/E ratio of 17.67 and a beta of 1.64. Occidental Petroleum has a one year low of $55.12 and a one year high of $69.58. The stock's 50-day simple moving average is $61.99 and its 200 day simple moving average is $60.98. 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, hitting the consensus estimate of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business had revenue of $7.53 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the firm earned $1.61 EPS. Occidental Petroleum's quarterly revenue was down 9.6% compared to the same quarter last year. As a group, analysts forecast that Occidental Petroleum will post 3.72 earnings per share 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 $0.22 dividend. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.18. This represents a $0.88 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Thursday, March 7th. Occidental Petroleum's payout ratio is presently 22.51%.

Hedge Funds Weigh In On Occidental Petroleum

A number of large investors have recently modified their holdings of the business. Ironwood Wealth Management LLC. bought a new position in shares of Occidental Petroleum in the first quarter valued at $334,000. Cibc World Market Inc. grew its position in shares of Occidental Petroleum by 47.2% in the 1st quarter. Cibc World Market Inc. now owns 55,697 shares of the oil and gas producer's stock valued at $3,160,000 after acquiring an additional 17,859 shares during the period. Prudential PLC bought a new position in shares of Occidental Petroleum in the 1st quarter valued at about $1,124,000. Sequoia Financial Advisors LLC acquired a new position in shares of Occidental Petroleum during the 1st quarter worth about $313,000. Finally, Candriam Luxembourg S.C.A. raised its holdings in shares of Occidental Petroleum by 12.4% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 54,540 shares of the oil and gas producer's stock valued at $3,094,000 after purchasing an additional 6,018 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Company Profile

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.