Occidental Petroleum (NYSE:OXY) Stock Price Expected to Rise, Raymond James Analyst Says

Occidental Petroleum (NYSE:OXY) had its price objective boosted by Raymond James from $77.00 to $78.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a strong-buy rating on the oil and gas producer’s stock.

A number of other equities analysts also recently commented on OXY. Scotiabank cut their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Truist Financial cut their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday, September 30th. Wells Fargo & Company reduced their price target on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Mizuho reduced their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Evercore ISI decreased their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $63.70.

Occidental Petroleum Trading Up 0.8 %

NYSE:OXY opened at $51.93 on Thursday. The company has a market capitalization of $48.73 billion, a PE ratio of 13.52 and a beta of 1.58. Occidental Petroleum has a 52-week low of $48.42 and a 52-week high of $71.18. The stock’s 50 day moving average price is $51.79 and its 200 day moving average price is $56.91. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in OXY. Earnest Partners LLC lifted its stake in shares of Occidental Petroleum by 2.6% in the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after buying an additional 173 shares during the period. Commerzbank Aktiengesellschaft FI raised its position in shares of Occidental Petroleum by 2.0% during the second 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% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock valued at $1,735,000 after purchasing an additional 176 shares during the last quarter. Raymond James Trust N.A. increased its stake in shares of Occidental Petroleum by 1.0% in 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 acquiring an additional 182 shares during the last quarter. Finally, Gateway Advisory LLC increased its position in shares of Occidental Petroleum by 3.9% in the 2nd quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock valued at $306,000 after buying an additional 184 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.