Occidental Petroleum (NYSE:OXY) Price Target Increased to $81.00 by Analysts at Susquehanna

Occidental Petroleum (NYSE:OXY) had its price target raised by Susquehanna from $70.00 to $81.00 in a research note published on Monday, Benzinga reports. Susquehanna currently has a positive rating on the oil and gas producer’s stock.

OXY has been the subject of several other research reports. Truist Financial raised their target price on Occidental Petroleum from $77.00 to $84.00 and gave the stock a buy rating in a research note on Friday, April 5th. Morgan Stanley raised their target price on Occidental Petroleum from $66.00 to $72.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Stephens reiterated an overweight rating and set a $74.00 price target on shares of Occidental Petroleum in a research report on Thursday, February 15th. Wells Fargo & Company lifted their price target on Occidental Petroleum from $62.00 to $70.00 and gave the company an equal weight rating in a research report on Thursday, April 11th. Finally, Scotiabank upgraded Occidental Petroleum from a sector perform rating to a sector outperform rating and lifted their price target for the company from $63.00 to $90.00 in a research report on Thursday, April 11th. Nine investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of Hold and an average target price of $71.94.

Occidental Petroleum Trading Up 0.6 %

Shares of OXY opened at $67.01 on Monday. Occidental Petroleum has a fifty-two week low of $55.12 and a fifty-two week high of $71.18. The business has a 50-day moving average of $63.57 and a 200 day moving average of $61.21. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The firm has a market cap of $59.40 billion, a P/E ratio of 17.14 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The business had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter last year, the company earned $1.61 EPS. The firm’s revenue was down 9.6% compared to the same quarter last year. As a group, research analysts forecast that Occidental Petroleum will post 3.82 EPS for the current year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 8th were paid a $0.22 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.18. This represents a $0.88 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Thursday, March 7th. Occidental Petroleum’s payout ratio is 22.51%.

Hedge Funds Weigh In On Occidental Petroleum

A number of large investors have recently bought and sold shares of OXY. Ritholtz Wealth Management raised its holdings in Occidental Petroleum by 16.8% during the 3rd quarter. Ritholtz Wealth Management now owns 11,256 shares of the oil and gas producer’s stock valued at $730,000 after buying an additional 1,619 shares during the last quarter. PFG Advisors bought a new stake in Occidental Petroleum during the 3rd quarter valued at $219,000. Traynor Capital Management Inc. raised its holdings in Occidental Petroleum by 19.6% during the 3rd quarter. Traynor Capital Management Inc. now owns 4,689 shares of the oil and gas producer’s stock valued at $304,000 after buying an additional 768 shares during the last quarter. DAVENPORT & Co LLC raised its holdings in Occidental Petroleum by 82.6% during the 3rd quarter. DAVENPORT & Co LLC now owns 11,341 shares of the oil and gas producer’s stock valued at $736,000 after buying an additional 5,130 shares during the last quarter. Finally, Avior Wealth Management LLC raised its holdings in Occidental Petroleum by 11.6% during the 3rd quarter. Avior Wealth Management LLC now owns 2,922 shares of the oil and gas producer’s stock valued at $206,000 after buying an additional 303 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.