Brokerages Set Occidental Petroleum Co. (NYSE:OXY) Price Target at $62.75

Shares of Occidental Petroleum Co. (NYSE:OXY) have received a consensus recommendation of “Hold” from the twenty brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $62.65.

Several research analysts have weighed in on OXY shares. Wolfe Research boosted their price target on Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Mizuho dropped their target price on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday. Stephens raised their price target on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Jefferies Financial Group lifted their price target on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Finally, BMO Capital Markets cut their price objective on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th.

Occidental Petroleum Price Performance

Occidental Petroleum stock opened at $46.60 on Friday. The firm’s 50-day moving average is $50.68 and its two-hundred day moving average is $55.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The stock has a market capitalization of $43.72 billion, a P/E ratio of 12.13 and a beta of 1.57. Occidental Petroleum has a 12-month low of $46.41 and a 12-month high of $71.18.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.89%. Occidental Petroleum’s payout ratio is currently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently bought and sold shares of OXY. H&H International Investment LLC increased its position in shares of Occidental Petroleum by 497.7% during the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after acquiring an additional 7,680,598 shares during the last quarter. Himalaya Capital Management LLC purchased a new stake in Occidental Petroleum during the 2nd quarter worth approximately $92,433,000. Sarasin & Partners LLP acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at approximately $63,880,000. Anson Funds Management LP boosted its stake in shares of Occidental Petroleum by 3,645.8% during the 3rd quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock valued at $39,453,000 after buying an additional 745,050 shares during the last quarter. Finally, Scharf Investments LLC acquired a new stake in shares of Occidental Petroleum during the second quarter worth approximately $42,744,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.