Occidental Petroleum (NYSE:OXY) Sets New 52-Week High on Analyst Upgrade

Shares of Occidental Petroleum Co. (NYSE:OXY) reached a new 52-week high during mid-day trading on Friday after Wells Fargo & Company raised their price target on the stock from $62.00 to $70.00. Wells Fargo & Company currently has an equal weight rating on the stock. Occidental Petroleum traded as high as $71.11 and last traded at $70.39, with a volume of 2606706 shares. The stock had previously closed at $69.26.

Several other equities research analysts have also recently issued reports on OXY. HSBC initiated coverage on Occidental Petroleum in a report on Monday, April 8th. They issued a “hold” rating and a $65.00 price objective on the stock. Stephens reiterated an “overweight” rating and issued a $74.00 price objective on shares of Occidental Petroleum in a report on Thursday, February 15th. Truist Financial lifted their price objective on Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Mizuho lifted their price objective on Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Barclays began coverage on Occidental Petroleum in a report on Wednesday. They issued an “equal weight” rating and a $73.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.06.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. lifted its holdings in Occidental Petroleum by 8.6% in the third quarter. Oppenheimer & Co. Inc. now owns 156,279 shares of the oil and gas producer’s stock valued at $10,139,000 after acquiring an additional 12,349 shares during the last quarter. SeaCrest Wealth Management LLC lifted its holdings in Occidental Petroleum by 8.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock valued at $343,000 after acquiring an additional 474 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new position in Occidental Petroleum in the third quarter valued at approximately $29,665,000. Calamos Wealth Management LLC acquired a new position in Occidental Petroleum in the third quarter valued at approximately $5,758,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Occidental Petroleum by 1,279.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer’s stock valued at $13,847,000 after acquiring an additional 215,091 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Stock Down 0.3 %

The stock has a market capitalization of $61.19 billion, a price-to-earnings ratio of 17.65 and a beta of 1.64. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The business has a fifty day moving average of $62.47 and a 200 day moving average of $61.07.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.74. The company had revenue of $7.53 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The firm’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.61 earnings per share. As a group, equities analysts predict that Occidental Petroleum Co. will post 3.84 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 8th will be given a $0.22 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a yield of 1.27%. Occidental Petroleum’s payout ratio is presently 22.51%.

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.