Occidental Petroleum (NYSE:OXY) Price Target Raised to $59.00 at Barclays

Occidental Petroleum (NYSE:OXY) had its price target lifted by Barclays from $55.00 to $59.00 in a report issued on Monday,Benzinga reports. They currently have an equal weight rating on the oil and gas producer’s stock.

Several other research analysts have also recently issued reports on the stock. Weiss Ratings upgraded shares of Occidental Petroleum from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. HSBC boosted their target price on Occidental Petroleum from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, February 20th. TD Cowen increased their price target on Occidental Petroleum from $48.00 to $54.00 and gave the company a “hold” rating in a research note on Monday, February 23rd. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target on shares of Occidental Petroleum in a research report on Tuesday, November 25th. Finally, Scotiabank cut their price objective on Occidental Petroleum from $47.00 to $46.00 and set a “sector perform” rating for the company in a report on Friday, January 16th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $53.67.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $57.30 on Monday. The stock has a market cap of $56.51 billion, a P/E ratio of 35.59 and a beta of 0.34. The firm’s 50-day simple moving average is $47.85 and its 200 day simple moving average is $44.67. Occidental Petroleum has a fifty-two week low of $34.78 and a fifty-two week high of $59.15. 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 announced its earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.13. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $6.02 billion. Occidental Petroleum had a net margin of 9.14% and a return on equity of 9.89%. Occidental Petroleum’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.80 EPS. Equities analysts expect that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 10th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.8%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 64.60%.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of OXY. Caitlin John LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter worth $29,000. Activest Wealth Management lifted its holdings in shares of Occidental Petroleum by 68.5% during the fourth quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 305 shares during the last quarter. Rossby Financial LCC boosted its position in shares of Occidental Petroleum by 155.0% in the 4th quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 465 shares during the period. City Holding Co. increased its stake in Occidental Petroleum by 250.0% in the 3rd quarter. City Holding Co. now owns 700 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 500 shares in the last quarter. Finally, Binnacle Investments Inc purchased a new position in Occidental Petroleum in the 3rd quarter worth about $35,000. 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.