Occidental Petroleum (NYSE:OXY) Given New $64.00 Price Target at JPMorgan Chase & Co.

Occidental Petroleum (NYSE:OXY) had its price objective increased by JPMorgan Chase & Co. from $63.00 to $64.00 in a report released on Monday morning,MarketScreener reports. They currently have a neutral rating on the oil and gas producer’s stock.

A number of other analysts also recently weighed in on the company. Susquehanna upped their target price on Occidental Petroleum from $51.00 to $60.00 and gave the company a “positive” rating in a research report on Friday, February 20th. Morgan Stanley boosted their price target on Occidental Petroleum from $53.00 to $73.00 and gave the company an “equal weight” rating in a research note on Friday, March 27th. UBS Group upped their price objective on shares of Occidental Petroleum from $49.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, March 5th. Wolfe Research increased their price objective on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Monday, April 6th. Finally, TD Cowen raised their target price on shares of Occidental Petroleum from $48.00 to $54.00 and gave the company a “hold” rating in a report on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.91.

Occidental Petroleum Stock Performance

Shares of NYSE:OXY opened at $57.98 on Monday. Occidental Petroleum has a 12-month low of $37.40 and a 12-month high of $67.45. The company’s 50 day moving average price is $55.05 and its two-hundred day moving average price is $46.78. The firm has a market cap of $57.50 billion, a PE ratio of 36.01 and a beta of 0.23. The company has a quick ratio of 0.74, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

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, beating the consensus estimate of $0.18 by $0.13. The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $6.02 billion. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 earnings per share. Equities research analysts predict that Occidental Petroleum will post 3.58 earnings per share 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 paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.8%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, March 10th. Occidental Petroleum’s payout ratio is 64.60%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Woodline Partners LP boosted its stake in shares of Occidental Petroleum by 40.7% in the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after purchasing an additional 16,506 shares in the last quarter. Marshall Wace LLP acquired a new position in Occidental Petroleum during the 2nd quarter worth approximately $4,584,000. Federated Hermes Inc. increased its position in Occidental Petroleum by 696.7% during the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock worth $1,008,000 after purchasing an additional 20,985 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Occidental Petroleum by 7.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock valued at $4,443,000 after purchasing an additional 7,285 shares during the last quarter. Finally, AXA S.A. boosted its position in Occidental Petroleum by 24.3% in the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock valued at $5,740,000 after buying an additional 26,741 shares in the last quarter. Institutional investors and hedge funds 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.