Roth Capital Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its price objective hoisted by Roth Capital from $45.00 to $46.00 in a report published on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas producer’s stock.

Other equities research analysts have also recently issued research reports about the company. Scotiabank increased their target price on Occidental Petroleum from $40.00 to $45.00 and gave the company a “sector perform” rating in a report on Friday, July 11th. UBS Group increased their target price on Occidental Petroleum from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Monday, September 15th. Morgan Stanley reiterated an “equal weight” rating and set a $52.00 target price on shares of Occidental Petroleum in a report on Monday, August 18th. Melius Research assumed coverage on Occidental Petroleum in a report on Wednesday, August 20th. They set a “hold” rating and a $64.00 target price on the stock. Finally, Melius assumed coverage on Occidental Petroleum in a report on Wednesday, August 20th. They set a “hold” rating and a $64.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $53.95.

Occidental Petroleum Stock Performance

OXY opened at $44.32 on Thursday. The stock has a market cap of $43.63 billion, a P/E ratio of 26.22 and a beta of 0.95. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The stock’s 50 day simple moving average is $45.62 and its 200 day simple moving average is $43.84. Occidental Petroleum has a 1-year low of $34.78 and a 1-year high of $56.49.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The company’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. As a group, equities analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 56.80%.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Occidental Petroleum in the first quarter worth about $1,274,000. Kestra Private Wealth Services LLC grew its stake in Occidental Petroleum by 5.6% in the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer’s stock worth $843,000 after purchasing an additional 906 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Occidental Petroleum by 9.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer’s stock worth $78,813,000 after purchasing an additional 140,528 shares in the last quarter. swisspartners Advisors Ltd acquired a new position in Occidental Petroleum in the first quarter worth about $6,006,000. Finally, Blackhawk Capital Partners LLC. acquired a new position in Occidental Petroleum in the first quarter worth about $344,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.