Occidental Petroleum Corporation (NYSE:OXY) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Occidental Petroleum Corporation has received a consensus recommendation of "Hold" from 23 analysts, with two sell ratings, 17 holds, and four buy ratings.
• Analyst price targets for Occidental Petroleum vary, with a average target of $54.65, while Citigroup and JPMorgan Chase have set target prices of $44.00 and $48.00 respectively.
• The company announced a quarterly dividend of $0.24 per share, which will be paid on October 15th, reflecting a 2.2% dividend yield.

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) has been given a consensus recommendation of "Hold" by the twenty-three ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $54.6522.

Several research analysts have commented on OXY shares. Citigroup boosted their target price on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. increased their price target on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Piper Sandler lifted their price target on Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Scotiabank boosted their price objective on Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Friday, July 11th. Finally, Melius Research assumed coverage on Occidental Petroleum in a research note on Wednesday. They issued a "hold" rating and a $64.00 price target on the stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of OXY. B. Riley Wealth Advisors Inc. acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at about $335,000. Marex Group plc purchased a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $573,000. Westwood Holdings Group Inc. grew its position in shares of Occidental Petroleum by 10.9% in the second quarter. Westwood Holdings Group Inc. now owns 11,398 shares of the oil and gas producer's stock valued at $479,000 after purchasing an additional 1,118 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new position in Occidental Petroleum in the second quarter valued at approximately $73,000. Finally, Evergreen Capital Management LLC lifted its stake in Occidental Petroleum by 8.0% during the second quarter. Evergreen Capital Management LLC now owns 6,986 shares of the oil and gas producer's stock worth $295,000 after purchasing an additional 520 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Trading Up 0.6%

Shares of OXY stock opened at $44.2450 on Thursday. Occidental Petroleum has a 1 year low of $34.78 and a 1 year high of $58.47. The firm's fifty day simple moving average is $44.18 and its 200 day simple moving average is $44.11. The firm has a market capitalization of $43.56 billion, a P/E ratio of 26.18 and a beta of 0.91. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.03 EPS. As a group, sell-side analysts predict that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is currently 56.80%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.