Occidental Petroleum (NYSE:OXY) Price Target Increased to $71.00 by Analysts at Mizuho

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

Other analysts have also issued research reports about the stock. Wells Fargo & Company lifted their price target on shares of Occidental Petroleum from $62.00 to $70.00 and gave the stock an equal weight rating in a research note on Thursday, April 11th. Truist Financial boosted their price objective on Occidental Petroleum from $77.00 to $84.00 and gave the company a buy rating in a report on Friday, April 5th. Barclays initiated coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They issued an equal weight rating and a $73.00 target price for the company. Stephens restated an overweight rating and set a $74.00 price objective on shares of Occidental Petroleum in a research note on Thursday, February 15th. Finally, Scotiabank upgraded shares of Occidental Petroleum from a sector perform rating to a sector outperform rating and boosted their target price for the company from $63.00 to $90.00 in a research note on Thursday, April 11th. Nine investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $72.00.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $63.69 on Wednesday. Occidental Petroleum has a 12-month low of $55.12 and a 12-month high of $71.18. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The company has a market capitalization of $56.46 billion, a price-to-earnings ratio of 16.29 and a beta of 1.64. The firm’s fifty day moving average price is $64.98 and its 200 day moving average price is $61.34.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same period in the previous year, the company earned $1.09 earnings per share. The company’s revenue for the quarter was down 17.2% compared to the same quarter last year. On average, research analysts forecast that Occidental Petroleum will post 3.81 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.88 annualized dividend and a dividend yield of 1.38%. Occidental Petroleum’s payout ratio is 22.51%.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CapWealth Advisors LLC raised its holdings in Occidental Petroleum by 2.7% during the first quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after purchasing an additional 162 shares in the last quarter. Meeder Advisory Services Inc. raised its stake in shares of Occidental Petroleum by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after buying an additional 164 shares in the last quarter. Investment Research & Advisory Group Inc. lifted its holdings in shares of Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 167 shares during the period. PFG Investments LLC boosted its stake in Occidental Petroleum by 2.7% during the third quarter. PFG Investments LLC now owns 6,423 shares of the oil and gas producer’s stock valued at $417,000 after buying an additional 170 shares in the last quarter. Finally, VisionPoint Advisory Group LLC grew its holdings in Occidental Petroleum by 1.2% during the third quarter. VisionPoint Advisory Group LLC now owns 14,754 shares of the oil and gas producer’s stock worth $957,000 after acquiring an additional 174 shares during the period. 88.70% of the stock is currently owned by 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.