Occidental Petroleum (NYSE:OXY) Stock Price Up 1.3% After Analyst Upgrade

Shares of Occidental Petroleum Co. (NYSE:OXY) were up 1.3% during trading on Thursday after Raymond James raised their price target on the stock from $77.00 to $78.00. Raymond James currently has a strong-buy rating on the stock. Occidental Petroleum traded as high as $51.60 and last traded at $51.59. Approximately 2,153,531 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 9,344,175 shares. The stock had previously closed at $50.91.

Several other research firms also recently commented on OXY. Truist Financial dropped their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Stephens boosted their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Wolfe Research upped their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Bank of America assumed coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price objective for the company. Finally, The Goldman Sachs Group started coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 target price on the stock. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $63.70.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently modified their holdings of the stock. Earnest Partners LLC lifted its stake in shares of Occidental Petroleum by 2.6% in the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after purchasing an additional 173 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Occidental Petroleum by 2.0% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock worth $573,000 after acquiring an additional 175 shares during the last quarter. Atria Wealth Solutions Inc. boosted its stake in shares of Occidental Petroleum by 0.6% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock worth $1,735,000 after purchasing an additional 176 shares during the period. Raymond James Trust N.A. grew its holdings in Occidental Petroleum by 1.0% during the 2nd quarter. Raymond James Trust N.A. now owns 17,592 shares of the oil and gas producer’s stock valued at $1,109,000 after purchasing an additional 182 shares during the last quarter. Finally, Gateway Advisory LLC lifted its stake in Occidental Petroleum by 3.9% in the second quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock worth $306,000 after purchasing an additional 184 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Up 1.2 %

The firm has a market cap of $48.36 billion, a PE ratio of 13.42 and a beta of 1.58. The company has a 50-day simple moving average of $51.77 and a 200-day simple moving average of $57.11. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is presently 22.92%.

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.