Occidental Petroleum (NYSE:OXY) Shares Down 1%

Occidental Petroleum Co. (NYSE:OXY) fell 1% during trading on Friday . The company traded as low as $66.93 and last traded at $67.17. 2,176,984 shares traded hands during trading, a decline of 75% from the average session volume of 8,562,902 shares. The stock had previously closed at $67.88.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OXY. Mizuho lifted their price target on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Morgan Stanley raised their target price on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Truist Financial raised their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from $63.00 to $90.00 in a research report on Thursday, April 11th. Finally, Wells Fargo & Company raised their target price on shares of Occidental Petroleum from $62.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Nine research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $71.94.

Occidental Petroleum Trading Down 0.1 %

The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84. The business’s 50 day moving average is $64.12 and its 200-day moving average is $61.34. The firm has a market cap of $60.08 billion, a P/E ratio of 17.18 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share for the quarter, meeting the consensus estimate of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The firm had revenue of $7.53 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the firm earned $1.61 earnings per share. The firm’s revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, analysts forecast that Occidental Petroleum Co. will post 3.85 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

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

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the company. Investment Research & Advisory Group Inc. lifted its holdings in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Occidental Petroleum in the third quarter worth about $26,000. Orion Capital Management LLC acquired a new stake in Occidental Petroleum in the third quarter worth about $27,000. TLW Wealth Management LLC acquired a new stake in Occidental Petroleum in the fourth quarter worth about $28,000. Finally, Grove Bank & Trust lifted its holdings in Occidental Petroleum by 86.0% in the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 240 shares during the period. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.