Occidental Petroleum (NYSE:OXY) Stock Price Expected to Rise, Wolfe Research Analyst Says

Occidental Petroleum (NYSE:OXY) had its target price upped by Wolfe Research from $73.00 to $75.00 in a research report released on Tuesday. The firm currently has a buy rating on the oil and gas producer’s stock.

Several other research analysts have also commented on OXY. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a research report on Friday, November 8th. Stephens reiterated an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. Wells Fargo & Company reduced their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. UBS Group dropped their price objective on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Finally, Susquehanna lowered their target price on Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $63.70.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $50.67 on Tuesday. The firm has a market cap of $47.55 billion, a PE ratio of 13.20 and a beta of 1.58. Occidental Petroleum has a 1 year low of $48.42 and a 1 year high of $71.18. The firm’s 50-day simple moving average is $51.90 and its 200-day simple moving average is $57.67. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.75 and a current ratio of 1.00.

Occidental Petroleum Dividend Announcement

The company 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 $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Thoroughbred Financial Services LLC grew its stake in shares of Occidental Petroleum by 9.2% in the 1st quarter. Thoroughbred Financial Services LLC now owns 3,846 shares of the oil and gas producer’s stock worth $250,000 after purchasing an additional 323 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Occidental Petroleum by 107.2% during the 1st quarter. Russell Investments Group Ltd. now owns 349,592 shares of the oil and gas producer’s stock valued at $22,718,000 after acquiring an additional 180,838 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in shares of Occidental Petroleum by 17.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 968,178 shares of the oil and gas producer’s stock worth $60,443,000 after acquiring an additional 141,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Occidental Petroleum by 21.8% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 777,541 shares of the oil and gas producer’s stock worth $50,532,000 after purchasing an additional 139,420 shares during the period. Finally, Midwest Professional Planners LTD. acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at $586,000. 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.