Occidental Petroleum (NYSE:OXY) PT Raised to $81.00 at Susquehanna

Occidental Petroleum (NYSE:OXY) had its target price raised by Susquehanna from $70.00 to $81.00 in a research report released on Monday, Benzinga reports. They currently have a positive rating on the oil and gas producer’s stock.

Several other equities research analysts also recently weighed in on OXY. Raymond James decreased their price objective on Occidental Petroleum from $70.00 to $68.00 and set a strong-buy rating for the company in a report on Wednesday, January 24th. Morgan Stanley increased their price objective on Occidental Petroleum from $66.00 to $72.00 and gave the company an overweight rating in a report on Thursday, March 28th. Barclays assumed coverage on Occidental Petroleum in a report on Wednesday, April 10th. They issued an equal weight rating and a $73.00 price objective for the company. StockNews.com upgraded Occidental Petroleum from a sell rating to a hold rating in a research note on Friday, March 15th. Finally, Mizuho upped their price target on Occidental Petroleum from $69.00 to $70.00 and gave the stock a neutral rating in a research note on Thursday, April 11th. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $71.94.

Occidental Petroleum Stock Up 0.8 %

Shares of OXY opened at $67.88 on Monday. The firm has a market cap of $60.17 billion, a P/E ratio of 17.36 and a beta of 1.64. Occidental Petroleum has a 12-month low of $55.12 and a 12-month high of $71.18. The company’s 50-day moving average price is $64.12 and its 200 day moving average price is $61.34. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The company had revenue of $7.53 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the prior year, the firm earned $1.61 earnings per share. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. On average, sell-side analysts forecast that Occidental Petroleum will post 3.85 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 8th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date was Thursday, March 7th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s payout ratio is currently 22.51%.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Ritholtz Wealth Management grew its stake in Occidental Petroleum by 16.8% in the third quarter. Ritholtz Wealth Management now owns 11,256 shares of the oil and gas producer’s stock valued at $730,000 after purchasing an additional 1,619 shares in the last quarter. PFG Advisors bought a new stake in shares of Occidental Petroleum during the 3rd quarter worth about $219,000. Traynor Capital Management Inc. boosted its stake in shares of Occidental Petroleum by 19.6% during the 3rd quarter. Traynor Capital Management Inc. now owns 4,689 shares of the oil and gas producer’s stock worth $304,000 after acquiring an additional 768 shares in the last quarter. DAVENPORT & Co LLC boosted its stake in shares of Occidental Petroleum by 82.6% during the 3rd quarter. DAVENPORT & Co LLC now owns 11,341 shares of the oil and gas producer’s stock worth $736,000 after acquiring an additional 5,130 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its stake in shares of Occidental Petroleum by 11.6% during the 3rd quarter. Avior Wealth Management LLC now owns 2,922 shares of the oil and gas producer’s stock worth $206,000 after acquiring an additional 303 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.