Occidental Petroleum (NYSE:OXY) Stock Price Up 1.4% on Analyst Upgrade

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report)'s share price traded up 1.4% during trading on Thursday after Wells Fargo & Company raised their price target on the stock from $42.00 to $47.00. Wells Fargo & Company currently has an equal weight rating on the stock. Occidental Petroleum traded as high as $42.80 and last traded at $43.03. 2,900,078 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 11,623,489 shares. The stock had previously closed at $42.42.

Several other equities research analysts have also recently weighed in on the stock. TD Cowen cut shares of Occidental Petroleum from a "buy" rating to a "hold" rating and lowered their price target for the stock from $68.00 to $45.00 in a research report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their target price on Occidental Petroleum from $52.00 to $47.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Stephens reduced their price target on Occidental Petroleum from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Hsbc Global Res upgraded Occidental Petroleum to a "hold" rating in a research note on Wednesday, April 16th. Finally, Mizuho cut their target price on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. 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 stock. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus price target of $53.38.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Hahn Capital Management LLC raised its position in Occidental Petroleum by 0.4% during the first quarter. Hahn Capital Management LLC now owns 116,559 shares of the oil and gas producer's stock valued at $5,753,000 after acquiring an additional 445 shares in the last quarter. Inspire Investing LLC grew its stake in shares of Occidental Petroleum by 21.9% during the 1st quarter. Inspire Investing LLC now owns 6,473 shares of the oil and gas producer's stock worth $320,000 after purchasing an additional 1,162 shares during the period. Silicon Valley Capital Partners increased its holdings in shares of Occidental Petroleum by 5.5% during the 1st quarter. Silicon Valley Capital Partners now owns 18,249 shares of the oil and gas producer's stock valued at $891,000 after purchasing an additional 955 shares in the last quarter. Strs Ohio acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at $7,516,000. Finally, Addison Capital Co purchased a new stake in Occidental Petroleum during the first quarter worth $252,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Trading Down 1.2%

The company has a quick ratio of 0.79, a current ratio of 1.01 and a debt-to-equity ratio of 0.90. The company's 50-day moving average is $42.21 and its 200 day moving average is $45.51. The company has a market cap of $41.99 billion, a price-to-earnings ratio of 17.34 and a beta of 0.87.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.13. Occidental Petroleum had a return on equity of 16.60% and a net margin of 11.20%. The firm had revenue of $6.80 billion for the quarter, compared to analysts' expectations of $6.97 billion. During the same period last year, the firm earned $0.63 EPS. The company's quarterly revenue was up 13.9% on a year-over-year basis. Research analysts predict that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm 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 dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Tuesday, June 10th. Occidental Petroleum's payout ratio is 39.02%.

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.