Occidental Petroleum (NYSE:OXY) Coverage Initiated at Barclays

Barclays assumed coverage on shares of Occidental Petroleum (NYSE:OXY) in a research report report published on Wednesday, MarketBeat Ratings reports. The firm issued an equal weight rating and a $73.00 price target on the oil and gas producer’s stock.

A number of other brokerages have also recently weighed in on OXY. 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. Wells Fargo & Company lifted their price objective on shares of Occidental Petroleum from $59.00 to $62.00 and gave the company an equal weight rating in a research note on Friday, February 16th. Morgan Stanley lifted their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an overweight rating in a research note on Thursday, March 28th. Truist Financial lifted their price objective on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a buy rating in a research note on Friday, April 5th. Finally, HSBC assumed coverage on shares of Occidental Petroleum in a research note on Monday, April 8th. They set a hold rating and a $65.00 price objective on the stock. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Occidental Petroleum currently has an average rating of Moderate Buy and an average target price of $72.06.

Occidental Petroleum Stock Performance

OXY stock opened at $69.01 on Wednesday. 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 stock has a market capitalization of $61.18 billion, a price-to-earnings ratio of 17.65 and a beta of 1.64. Occidental Petroleum has a 1 year low of $55.12 and a 1 year high of $71.18. The stock’s fifty day moving average is $62.47 and its two-hundred day moving average is $61.06.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.74. The company had revenue of $7.53 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The firm’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period last year, the business posted $1.61 earnings per share. On average, research analysts predict that Occidental Petroleum will post 3.84 EPS for the current year.

Occidental Petroleum Increases Dividend

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

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently bought and sold shares of the stock. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Occidental Petroleum during the 3rd quarter valued at about $26,000. Orion Capital Management LLC purchased a new position in Occidental Petroleum during the 3rd quarter valued at about $27,000. TLW Wealth Management LLC purchased a new position in Occidental Petroleum during the 4th quarter valued at about $28,000. Grove Bank & Trust grew its stake in Occidental Petroleum by 86.0% during the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after acquiring an additional 240 shares in the last quarter. Finally, Resurgent Financial Advisors LLC purchased a new position in Occidental Petroleum during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.