Occidental Petroleum (NYSE:OXY) Price Target Raised to $67.00 at Citigroup

Occidental Petroleum (NYSE:OXY) had its price objective hoisted by Citigroup from $45.00 to $67.00 in a research note released on Monday,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas producer’s stock.

Several other equities research analysts have also recently weighed in on the stock. Barclays upped their price objective on shares of Occidental Petroleum from $55.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Monday, March 16th. Mizuho boosted their target price on shares of Occidental Petroleum from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, March 17th. BMO Capital Markets increased their price target on shares of Occidental Petroleum from $48.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, February 23rd. Weiss Ratings raised shares of Occidental Petroleum from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. Finally, Wall Street Zen upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Nine investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $56.59.

Occidental Petroleum Stock Up 1.5%

Shares of OXY opened at $66.31 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.74 and a debt-to-equity ratio of 0.73. Occidental Petroleum has a 12 month low of $34.78 and a 12 month high of $67.05. The firm’s 50 day moving average is $51.61 and its 200-day moving average is $45.74. The stock has a market capitalization of $65.76 billion, a PE ratio of 41.18 and a beta of 0.34.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.13. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter in the prior year, the business posted $0.80 earnings per share. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. Equities research analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 10th will be issued a $0.26 dividend. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 10th. This represents a $1.04 dividend on an annualized basis and a yield of 1.6%. Occidental Petroleum’s dividend payout ratio (DPR) is 64.60%.

Institutional Trading of Occidental Petroleum

Institutional investors have recently modified their holdings of the business. Carrera Capital Advisors raised its stake in shares of Occidental Petroleum by 0.5% in the 4th quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer’s stock valued at $1,831,000 after buying an additional 227 shares in the last quarter. Moody National Bank Trust Division boosted its position in shares of Occidental Petroleum by 1.5% during the 3rd quarter. Moody National Bank Trust Division now owns 15,555 shares of the oil and gas producer’s stock valued at $735,000 after acquiring an additional 229 shares in the last quarter. Summit Securities Group LLC increased its stake in Occidental Petroleum by 18.5% in the fourth quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer’s stock valued at $60,000 after acquiring an additional 229 shares during the period. Apella Capital LLC increased its stake in Occidental Petroleum by 3.4% in the fourth quarter. Apella Capital LLC now owns 7,019 shares of the oil and gas producer’s stock valued at $289,000 after acquiring an additional 233 shares during the period. Finally, Jamison Private Wealth Management Inc. raised its position in Occidental Petroleum by 1.8% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 13,934 shares of the oil and gas producer’s stock worth $573,000 after purchasing an additional 249 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.