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

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

OXY has been the topic of several other reports. BMO Capital Markets decreased their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. UBS Group decreased their price target on shares of Occidental Petroleum from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Monday. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. Barclays decreased their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Finally, Truist Financial decreased their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $63.70.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $51.54 on Thursday. Occidental Petroleum has a 1 year low of $48.42 and a 1 year high of $71.18. The firm’s fifty day simple moving average is $51.77 and its 200 day simple moving average is $57.11. 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 firm has a market capitalization of $48.36 billion, a PE ratio of 13.42 and a beta of 1.58.

Occidental Petroleum Announces Dividend

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

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Stephens Inc. AR grew its position in shares of Occidental Petroleum by 221.0% during the 3rd quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock worth $777,000 after buying an additional 10,382 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Occidental Petroleum by 1.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,482,049 shares of the oil and gas producer’s stock worth $76,385,000 after buying an additional 22,920 shares during the period. Czech National Bank grew its position in shares of Occidental Petroleum by 8.3% during the 3rd quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after buying an additional 10,456 shares during the period. Discovery Capital Management LLC CT acquired a new stake in shares of Occidental Petroleum during the 2nd quarter worth approximately $10,331,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Occidental Petroleum by 15.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer’s stock worth $11,440,000 after buying an additional 29,344 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.