Occidental Petroleum (NYSE:OXY) Price Target Raised to $45.00 at Scotiabank

Occidental Petroleum (NYSE:OXY - Free Report) had its price target increased by Scotiabank from $40.00 to $45.00 in a research report released on Friday morning,Benzinga reports. They currently have a sector perform rating on the oil and gas producer's stock.

A number of other brokerages have also recently weighed in on OXY. TD Cowen cut shares of Occidental Petroleum from a "buy" rating to a "hold" rating and decreased their price target for the stock from $68.00 to $45.00 in a research report on Tuesday, April 8th. Mizuho decreased their price target on shares of Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. JPMorgan Chase & Co. decreased their price target on shares of Occidental Petroleum from $52.00 to $47.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Piper Sandler decreased their price target on shares of Occidental Petroleum from $50.00 to $48.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Finally, Morgan Stanley set a $58.00 price objective on shares of Occidental Petroleum and gave the stock an "overweight" rating in a report on Wednesday, March 26th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $53.62.

Occidental Petroleum Trading Up 1.0%

Shares of NYSE OXY traded up $0.48 during trading on Friday, hitting $46.33. 7,596,749 shares of the company traded hands, compared to its average volume of 11,882,612. Occidental Petroleum has a 1 year low of $34.79 and a 1 year high of $64.76. The company has a 50-day moving average price of $43.05 and a 200-day moving average price of $45.31. The firm has a market capitalization of $45.59 billion, a P/E ratio of 18.83 and a beta of 0.84. The company has a quick ratio of 0.79, a current ratio of 1.01 and a debt-to-equity ratio of 0.90.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The company had revenue of $6.80 billion during the quarter, compared to analysts' expectations of $6.97 billion. During the same period in the previous year, the company earned $0.63 EPS. The business's quarterly revenue was up 13.9% compared to the same quarter last year. On average, equities analysts predict that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 10th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.07%. Occidental Petroleum's dividend payout ratio (DPR) is presently 39.02%.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently modified their holdings of the stock. Wedge Capital Management L L P NC acquired a new stake in Occidental Petroleum during the second quarter worth about $13,636,000. Silver Oak Securities Incorporated raised its stake in Occidental Petroleum by 34.4% during the second quarter. Silver Oak Securities Incorporated now owns 7,863 shares of the oil and gas producer's stock worth $330,000 after acquiring an additional 2,011 shares during the period. CX Institutional grew its position in Occidental Petroleum by 28.0% in the 2nd quarter. CX Institutional now owns 8,792 shares of the oil and gas producer's stock worth $369,000 after purchasing an additional 1,923 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Occidental Petroleum by 29.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 214,102 shares of the oil and gas producer's stock worth $8,994,000 after purchasing an additional 48,118 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC bought a new position in Occidental Petroleum in the 2nd quarter worth about $28,584,000. Institutional investors and hedge funds own 88.70% of the company's stock.

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.