Occidental Petroleum (NYSE:OXY) Price Target Raised to $44.00 at Citigroup

Occidental Petroleum (NYSE:OXY) had its price target raised by Citigroup from $42.00 to $44.00 in a research note published on Monday,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas producer’s stock.

OXY has been the subject of several other reports. Piper Sandler cut their target price on shares of Occidental Petroleum from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Tuesday, April 22nd. Roth Capital set a $54.00 target price on Occidental Petroleum in a research note on Thursday, January 23rd. StockNews.com cut Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, February 27th. Barclays lifted their price objective on shares of Occidental Petroleum from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 8th. Finally, Wells Fargo & Company dropped their price objective on shares of Occidental Petroleum from $49.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and an average price target of $53.14.

Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $42.32 on Monday. The stock has a market capitalization of $41.65 billion, a PE ratio of 17.34 and a beta of 0.81. Occidental Petroleum has a 52 week low of $34.79 and a 52 week high of $64.76. The stock has a 50 day moving average price of $42.61 and a 200 day moving average price of $46.90. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business had revenue of $6.80 billion during the quarter, compared to analysts’ expectations of $6.97 billion. During the same period last year, the business earned $0.63 earnings per share. The firm’s revenue was up 13.9% on a year-over-year basis. Analysts predict that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $0.96 annualized dividend and a yield of 2.27%. Occidental Petroleum’s dividend payout ratio is 39.02%.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds have recently bought and sold shares of OXY. Park Avenue Securities LLC raised its position in Occidental Petroleum by 3.2% during the fourth quarter. Park Avenue Securities LLC now owns 8,058 shares of the oil and gas producer’s stock valued at $398,000 after purchasing an additional 250 shares in the last quarter. Wealthcare Advisory Partners LLC raised its holdings in shares of Occidental Petroleum by 72.7% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 10,886 shares of the oil and gas producer’s stock worth $538,000 after buying an additional 4,581 shares in the last quarter. Merit Financial Group LLC lifted its position in shares of Occidental Petroleum by 56.0% during the 4th quarter. Merit Financial Group LLC now owns 7,984 shares of the oil and gas producer’s stock worth $394,000 after buying an additional 2,865 shares during the last quarter. HB Wealth Management LLC boosted its stake in Occidental Petroleum by 30.5% in the fourth quarter. HB Wealth Management LLC now owns 22,660 shares of the oil and gas producer’s stock valued at $1,120,000 after buying an additional 5,290 shares in the last quarter. Finally, Ameritas Advisory Services LLC grew its position in Occidental Petroleum by 31.8% in the fourth quarter. Ameritas Advisory Services LLC now owns 7,517 shares of the oil and gas producer’s stock valued at $371,000 after acquiring an additional 1,814 shares during the last quarter. 88.70% of the stock is owned by 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, 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.