Occidental Petroleum (NYSE:OXY) Trading 0.7% Higher Following Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY)’s share price was up 0.7% during mid-day trading on Friday 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 $52.10 and last traded at $51.88. Approximately 2,021,385 shares changed hands during trading, a decline of 78% from the average daily volume of 9,338,358 shares. The stock had previously closed at $51.54.

A number of other research analysts also recently commented on the company. Wells Fargo & Company reduced their price target on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. Wolfe Research increased their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. Truist Financial lowered their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday, September 30th. Finally, Barclays reduced their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $63.70.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OXY. Fortitude Family Office LLC boosted its stake in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new position in Occidental Petroleum during the third quarter worth about $32,000. New Covenant Trust Company N.A. bought a new stake in Occidental Petroleum in the first quarter worth about $44,000. LRI Investments LLC acquired a new stake in Occidental Petroleum in the 1st quarter valued at about $44,000. Finally, Transamerica Financial Advisors Inc. acquired a new position in shares of Occidental Petroleum in the 3rd quarter worth approximately $50,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

The firm has a market capitalization of $48.71 billion, a P/E ratio of 13.52 and a beta of 1.58. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The business’s fifty day moving average is $51.79 and its 200 day moving average is $57.02.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend 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.