Occidental Petroleum (NYSE:OXY) Given New $70.00 Price Target at Wolfe Research

Occidental Petroleum (NYSE:OXY) had its price objective lifted by Wolfe Research from $67.00 to $70.00 in a report published on Monday,MarketScreener reports. Wolfe Research currently has an outperform rating on the oil and gas producer’s stock.

Other equities analysts also recently issued research reports about the company. Truist Financial began coverage on Occidental Petroleum in a research note on Tuesday, March 24th. They issued a “hold” rating and a $65.00 target price on the stock. Roth Mkm boosted their target price on Occidental Petroleum from $39.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, February 20th. Wall Street Zen upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research upgraded Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 31st. Finally, HSBC boosted their target price on Occidental Petroleum from $59.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $59.52.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $62.91 on Monday. Occidental Petroleum has a fifty-two week low of $34.78 and a fifty-two week high of $67.45. The stock has a market cap of $62.39 billion, a price-to-earnings ratio of 39.07 and a beta of 0.23. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.74 and a current ratio of 0.94. The firm’s 50-day simple moving average is $53.59 and its 200 day simple moving average is $46.32.

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

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 10th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Tuesday, March 10th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.24. Occidental Petroleum’s dividend payout ratio (DPR) is 64.60%.

Institutional Investors Weigh In On Occidental Petroleum

Several large investors have recently modified their holdings of OXY. Woodline Partners LP increased its stake in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock worth $2,817,000 after purchasing an additional 16,506 shares during the last quarter. CW Advisors LLC increased its stake in shares of Occidental Petroleum by 15.7% during the 2nd quarter. CW Advisors LLC now owns 13,609 shares of the oil and gas producer’s stock worth $572,000 after purchasing an additional 1,851 shares during the last quarter. Marshall Wace LLP purchased a new position in Occidental Petroleum in the 2nd quarter valued at approximately $4,584,000. Federated Hermes Inc. grew its stake in Occidental Petroleum by 696.7% in the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock valued at $1,008,000 after buying an additional 20,985 shares in the last quarter. Finally, Cary Street Partners Financial LLC grew its stake in Occidental Petroleum by 18.7% in the 2nd quarter. Cary Street Partners Financial LLC now owns 17,320 shares of the oil and gas producer’s stock valued at $728,000 after buying an additional 2,724 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum News Summary

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Analyst upgrade/price-target lift — Wolfe Research raised its price target on OXY to $70 from $67 and maintained an “outperform” rating, implying roughly double-digit upside from recent levels and providing immediate supportive analyst sentiment for the stock. Wolfe Research Adjusts Price Target on Occidental Petroleum to $70 from $67, Maintains Outperform Rating
• Positive Sentiment: Earnings-beat setup — Multiple pieces (Zacks and Yahoo Finance) highlight OXY’s strong earnings-surprise history and its positioning to beat the next quarterly EPS estimate, which supports a bullish near-term earnings trade and could lift the stock if the beat materializes. Why Occidental (OXY) Could Beat Earnings Estimates Again (Yahoo) Why Occidental (OXY) Could Beat Earnings Estimates Again (Zacks)
• Positive Sentiment: Longer-term bullish thesis — A Seeking Alpha piece frames OXY as a Warren Buffett–owned stock with more upside, which can attract value and income-oriented buyers given OXY’s cash return profile and Occidental’s scale in production and chemicals. Occidental Petroleum: Why This Warren Buffett Stock Has A Lot More Upside
• Neutral Sentiment: Sector/earnings screens flag OXY — Zacks’ broader screens (Earnings ESP) list OXY among energy names that could beat; useful for traders but not a direct company-specific catalyst beyond earnings season timing. These 2 Oils-Energy Stocks Could Beat Earnings: Why They Should Be on Your Radar Why Investors Need to Take Advantage of These 2 Oils and Energy Stocks Now
• Negative Sentiment: Geopolitical risk flag from media pundits — Jim Cramer and others warned OXY could be a “big loser if peace breaks out” (i.e., a drop in geopolitical risk or oil price normalization would hurt cash flow/valuation). That conditional downside keeps the stock sensitive to news on the Iran/conflict backdrop and crude prices. Jim Cramer Says Occidental Petroleum Is a “Big Loser If Peace Breaks Out” and Vice Versa Jim Cramer Says Occidental Petroleum Is a “Big Loser If Peace Breaks Out” (InsiderMonkey)

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.