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

Key Points

• Occidental Petroleum Corporation (NYSE: OXY) has received a consensus rating of "Hold" from 25 research firms, with a price target average of $52.52.
• HSBC recently upgraded Occidental's rating from "hold" to "buy" with a price target increase to $55.
• The company announced a quarterly dividend of $0.24 per share, reflecting an annualized yield of 2.2%.

Shares of Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) have been assigned a consensus rating of "Hold" from the twenty-five research firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, sixteen have issued a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $52.5217.

A number of equities research analysts recently weighed in on OXY shares. HSBC upgraded shares of Occidental Petroleum from a "hold" rating to a "buy" rating and upped their target price for the stock from $48.00 to $55.00 in a report on Friday, October 3rd. JPMorgan Chase & Co. increased their price target on Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Wells Fargo & Company lowered their target price on shares of Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Tuesday, July 15th. Melius Research initiated coverage on shares of Occidental Petroleum in a research note on Wednesday, August 20th. They issued a "hold" rating and a $64.00 price objective for the company. Finally, Hsbc Global Res raised Occidental Petroleum from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd.

Institutional Investors Weigh In On Occidental Petroleum

Large investors have recently modified their holdings of the stock. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Occidental Petroleum during the 1st quarter worth approximately $1,274,000. Kestra Private Wealth Services LLC increased its position in Occidental Petroleum by 5.6% in the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock worth $843,000 after buying an additional 906 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Occidental Petroleum by 9.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock worth $78,813,000 after buying an additional 140,528 shares during the last quarter. swisspartners Advisors Ltd purchased a new stake in Occidental Petroleum in the 1st quarter worth about $6,006,000. Finally, Blackhawk Capital Partners LLC. purchased a new stake in Occidental Petroleum in the 1st quarter worth about $344,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Down 1.2%

Occidental Petroleum stock opened at $44.50 on Friday. The firm's fifty day moving average is $45.64 and its 200 day moving average is $43.74. Occidental Petroleum has a 12-month low of $34.78 and a 12-month high of $55.24. The company has a market capitalization of $43.80 billion, a PE ratio of 26.33 and a beta of 0.95. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

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

Occidental Petroleum Dividend Announcement

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

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.

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