Stephens Boosts Occidental Petroleum (NYSE:OXY) Price Target to $71.00

Occidental Petroleum (NYSE:OXY) had its target price upped by Stephens from $70.00 to $71.00 in a report released on Wednesday morning,Benzinga reports. Stephens currently has an overweight rating on the oil and gas producer’s stock.

A number of other research firms have also recently commented on OXY. Wolfe Research lifted their target price on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Susquehanna decreased their price target on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Mizuho dropped 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 reduced their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $63.70.

Occidental Petroleum Stock Performance

OXY stock opened at $49.97 on Wednesday. The business has a 50 day moving average of $51.80 and a 200-day moving average of $57.49. The firm has a market cap of $46.89 billion, a PE ratio of 13.00 and a beta of 1.58. Occidental Petroleum has a 12-month low of $48.42 and a 12-month high of $71.18. The company has a quick ratio of 0.75, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.76%. 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

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Earnest Partners LLC raised its stake in 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 purchasing an additional 173 shares in the last quarter. Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Occidental Petroleum by 2.0% during 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. grew its position in Occidental Petroleum by 0.6% in the second quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock worth $1,735,000 after acquiring an additional 176 shares in the last quarter. Raymond James Trust N.A. increased its stake in Occidental Petroleum by 1.0% in the second 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 raised its position in Occidental Petroleum by 3.9% during the second quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock valued at $306,000 after purchasing an additional 184 shares in the last quarter. Hedge funds and other institutional investors 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.