Occidental Petroleum (NYSE:OXY) Price Target Lowered to $63.00 at JPMorgan Chase & Co.

Occidental Petroleum (NYSE:OXY) had its target price cut by JPMorgan Chase & Co. from $64.00 to $63.00 in a research report report published on Thursday morning,MarketScreener reports.

Other research analysts also recently issued research reports about the company. HSBC upped their price objective on Occidental Petroleum from $59.00 to $68.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Susquehanna boosted their target price on shares of Occidental Petroleum from $60.00 to $67.00 and gave the stock a “positive” rating in a report on Tuesday, April 21st. Weiss Ratings upgraded shares of Occidental Petroleum from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Wednesday. Truist Financial started coverage on shares of Occidental Petroleum in a report on Tuesday, March 24th. They set a “hold” rating and a $65.00 price target on the stock. Finally, Wolfe Research boosted their price objective on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.78.

Occidental Petroleum Price Performance

Shares of NYSE OXY traded up $0.00 during mid-day trading on Thursday, hitting $53.94. 3,030,392 shares of the stock traded hands, compared to its average volume of 15,500,153. The company has a market cap of $53.65 billion, a PE ratio of 13.59 and a beta of 0.17. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 0.74. The firm has a 50 day simple moving average of $58.02 and a two-hundred day simple moving average of $48.18.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.46. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. As a group, equities research analysts forecast that Occidental Petroleum will post 4.77 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, June 10th will be given a $0.26 dividend. The ex-dividend date is Wednesday, June 10th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.9%. Occidental Petroleum’s payout ratio is 26.20%.

Institutional Investors Weigh In On Occidental Petroleum

Several large investors have recently modified their holdings of the company. Oslo Pensjonsforsikring AS bought a new stake in Occidental Petroleum during the first quarter valued at $109,000. Baader Bank Aktiengesellschaft raised its position in shares of Occidental Petroleum by 22.2% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 20,745 shares of the oil and gas producer’s stock worth $1,231,000 after acquiring an additional 3,763 shares in the last quarter. Amova Asset Management Americas Inc. lifted its stake in shares of Occidental Petroleum by 20.8% in the 1st quarter. Amova Asset Management Americas Inc. now owns 21,093 shares of the oil and gas producer’s stock valued at $1,370,000 after purchasing an additional 3,630 shares during the period. Earned Wealth Advisors LLC bought a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $324,000. Finally, KBC Group NV boosted its position in shares of Occidental Petroleum by 8.7% during the 1st quarter. KBC Group NV now owns 142,116 shares of the oil and gas producer’s stock valued at $9,238,000 after purchasing an additional 11,397 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.