Brokerages Set Occidental Petroleum Co. (NYSE:OXY) PT at $60.45

Occidental Petroleum Co. (NYSE:OXY) has been given a consensus recommendation of “Hold” by the twenty-one analysts that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $59.82.

OXY has been the subject of a number of analyst reports. Stephens restated an “overweight” rating and set a $71.00 price target on shares of Occidental Petroleum in a research note on Wednesday, February 19th. JPMorgan Chase & Co. cut their target price on Occidental Petroleum from $59.00 to $52.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Piper Sandler dropped their price objective on Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday, March 6th. Raymond James downgraded shares of Occidental Petroleum from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $81.00 to $64.00 in a research note on Monday, March 10th. Finally, Citigroup dropped their target price on shares of Occidental Petroleum from $56.00 to $51.00 and set a “neutral” rating for the company in a research report on Monday, March 17th.

Occidental Petroleum Trading Up 1.5 %

Occidental Petroleum stock opened at $49.72 on Monday. Occidental Petroleum has a 12 month low of $44.70 and a 12 month high of $71.19. The stock has a market cap of $46.67 billion, a price-to-earnings ratio of 20.38 and a beta of 1.51. The business has a 50 day moving average price of $48.39 and a two-hundred day moving average price of $49.91. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. The firm had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. As a group, equities analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.93%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.22. Occidental Petroleum’s payout ratio is presently 39.34%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of Occidental Petroleum stock in a transaction on Friday, February 7th. The shares were purchased at an average cost of $46.82 per share, with a total value of $35,724,455.94. Following the completion of the purchase, the insider now owns 264,941,431 shares in the company, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Prospera Financial Services Inc lifted its stake in Occidental Petroleum by 22.5% in the third quarter. Prospera Financial Services Inc now owns 9,160 shares of the oil and gas producer’s stock valued at $472,000 after buying an additional 1,685 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Occidental Petroleum in the 3rd quarter valued at approximately $685,000. Commerce Bank boosted its stake in Occidental Petroleum by 4.1% during the 3rd quarter. Commerce Bank now owns 30,246 shares of the oil and gas producer’s stock worth $1,559,000 after acquiring an additional 1,181 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Occidental Petroleum during the third quarter valued at approximately $874,000. Finally, Advisors Asset Management Inc. raised its holdings in Occidental Petroleum by 10.9% in the third quarter. Advisors Asset Management Inc. now owns 42,508 shares of the oil and gas producer’s stock worth $2,191,000 after purchasing an additional 4,174 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.