Analysts Set Occidental Petroleum Co. (OXY) Target Price at $83.08

Occidental Petroleum Co. (NYSE:OXY) has received an average rating of “Buy” from the twenty-two analysts that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and thirteen have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $83.08.

OXY has been the subject of a number of research analyst reports. TheStreet raised shares of Occidental Petroleum from a “c+” rating to a “b” rating in a report on Tuesday, May 8th. Zacks Investment Research raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Monday, May 14th. Bank of America raised shares of Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a report on Thursday, May 10th. Deutsche Bank raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating and set a $84.00 price target for the company in a report on Friday, March 23rd. Finally, ValuEngine raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd.

OXY traded down $1.02 during trading on Thursday, hitting $83.33. The stock had a trading volume of 7,476,915 shares, compared to its average volume of 4,588,380. The company has a market cap of $63.81 billion, a price-to-earnings ratio of 50.20, a price-to-earnings-growth ratio of 2.94 and a beta of 0.62. Occidental Petroleum has a twelve month low of $57.84 and a twelve month high of $87.67. The company has a quick ratio of 1.11, a current ratio of 1.26 and a debt-to-equity ratio of 0.50.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Tuesday, May 8th. The oil and gas producer reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.21. The business had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Occidental Petroleum had a net margin of 13.47% and a return on equity of 6.15%. The business’s quarterly revenue was up 28.4% on a year-over-year basis. During the same quarter last year, the company posted $0.15 earnings per share. sell-side analysts expect that Occidental Petroleum will post 4.36 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 16th. Investors of record on Monday, June 11th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, June 8th. This represents a $3.08 annualized dividend and a dividend yield of 3.70%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 346.07%.

Several institutional investors have recently modified their holdings of OXY. Barrow Hanley Mewhinney & Strauss LLC grew its position in Occidental Petroleum by 21.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 19,262,159 shares of the oil and gas producer’s stock valued at $1,418,851,000 after buying an additional 3,366,402 shares during the period. Millennium Management LLC grew its position in Occidental Petroleum by 2,791.8% during the fourth quarter. Millennium Management LLC now owns 1,989,031 shares of the oil and gas producer’s stock valued at $146,512,000 after buying an additional 1,920,249 shares during the period. Mackenzie Financial Corp grew its position in Occidental Petroleum by 275.0% during the fourth quarter. Mackenzie Financial Corp now owns 1,985,993 shares of the oil and gas producer’s stock valued at $146,288,000 after buying an additional 1,456,337 shares during the period. Tide Point Capital Management LP acquired a new stake in Occidental Petroleum during the fourth quarter valued at $82,756,000. Finally, PNC Financial Services Group Inc. grew its position in Occidental Petroleum by 172.0% during the first quarter. PNC Financial Services Group Inc. now owns 1,722,476 shares of the oil and gas producer’s stock valued at $111,893,000 after buying an additional 1,089,145 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

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 and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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