Occidental Petroleum (NYSE:OXY) Given New $68.00 Price Target at TD Cowen

Occidental Petroleum (NYSE:OXY) had its price objective reduced by TD Cowen from $80.00 to $68.00 in a research note published on Tuesday morning. TD Cowen currently has a buy rating on the oil and gas producer’s stock.

A number of other research analysts also recently commented on OXY. The Goldman Sachs Group began coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective on the stock. Stephens reaffirmed an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a research report on Thursday, August 8th. Evercore ISI reduced their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research report on Monday, September 30th. Scotiabank dropped their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Wells Fargo & Company reduced their target price on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $64.55.

Occidental Petroleum Stock Down 1.0 %

Shares of NYSE:OXY opened at $50.29 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a fifty-two week low of $49.51 and a fifty-two week high of $71.18. The stock has a market cap of $45.54 billion, a price-to-earnings ratio of 12.39 and a beta of 1.58. The firm’s 50 day moving average price is $52.07 and its 200 day moving average price is $57.84.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Tuesday, November 12th. The oil and gas producer reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.20. The business had revenue of $7.15 billion during the quarter, compared to analysts’ expectations of $7.40 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. As a group, equities research analysts predict that Occidental Petroleum will post 3.29 earnings per share for the current fiscal year.

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 given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.75%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 21.67%.

Institutional Trading of Occidental Petroleum

Hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in Occidental Petroleum by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock valued at $206,560,000 after acquiring an additional 98,703 shares during the period. American Century Companies Inc. increased its holdings in shares of Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after purchasing an additional 532,318 shares in the last quarter. Swiss National Bank lifted its stake in shares of Occidental Petroleum by 0.3% in the third quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock valued at $101,720,000 after purchasing an additional 5,200 shares during the period. Epoch Investment Partners Inc. boosted its holdings in Occidental Petroleum by 20.1% during the second quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock worth $104,707,000 after buying an additional 277,462 shares in the last quarter. Finally, National Pension Service increased its holdings in Occidental Petroleum by 9.4% in the third quarter. National Pension Service now owns 1,556,461 shares of the oil and gas producer’s stock valued at $80,220,000 after buying an additional 133,546 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.