Occidental Petroleum (NYSE:OXY) Receives New Coverage from Analysts at HSBC

HSBC started coverage on shares of Occidental Petroleum (NYSE:OXY) in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage issued a hold rating and a $65.00 price target on the oil and gas producer’s stock.

Several other brokerages have also recently commented on OXY. Wells Fargo & Company boosted their price target on shares of Occidental Petroleum from $59.00 to $62.00 and gave the stock an equal weight rating in a research note on Friday, February 16th. StockNews.com upgraded shares of Occidental Petroleum from a sell rating to a hold rating in a research note on Friday, March 15th. Morgan Stanley boosted their price target on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Truist Financial boosted their price target on shares of Occidental Petroleum from $77.00 to $84.00 and gave the stock a buy rating in a research note on Friday. Finally, Stephens reiterated an overweight rating and issued a $74.00 price target on shares of Occidental Petroleum in a research note on Thursday, February 15th. Nine research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $70.31.

Occidental Petroleum Trading Down 0.7 %

Shares of Occidental Petroleum stock opened at $68.74 on Monday. The company has a market capitalization of $60.94 billion, a P/E ratio of 17.58 and a beta of 1.64. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The company has a fifty day moving average of $61.57 and a 200 day moving average of $60.88. Occidental Petroleum has a fifty-two week low of $55.12 and a fifty-two week high of $69.58.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, hitting the consensus estimate of $0.74. The company had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. Occidental Petroleum’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.61 EPS. On average, sell-side analysts anticipate that Occidental Petroleum will post 3.72 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 8th will be given a $0.22 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. This represents a $0.88 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend is Thursday, March 7th. Occidental Petroleum’s dividend payout ratio is 22.51%.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the stock. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Occidental Petroleum during the third quarter worth approximately $26,000. Orion Capital Management LLC purchased a new position in shares of Occidental Petroleum during the third quarter worth approximately $27,000. TLW Wealth Management LLC purchased a new position in Occidental Petroleum during the fourth quarter valued at approximately $28,000. Grove Bank & Trust increased its holdings in Occidental Petroleum by 86.0% during the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 240 shares during the period. Finally, Criterion Capital Advisors LLC purchased a new position in Occidental Petroleum during the fourth quarter valued at approximately $34,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

About Occidental Petroleum

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.