Occidental Petroleum (NYSE:OXY) Price Target Raised to $56.00 at Truist

Occidental Petroleum (NYSE:OXY) had its target price hoisted by Truist from $50.00 to $56.00 in a research report released on Friday morning, The Fly reports. They currently have a buy rating on the oil and gas producer’s stock.

Several other research analysts also recently commented on OXY. Evercore ISI raised shares of Occidental Petroleum from an in-line rating to an outperform rating and increased their price objective for the company from $35.00 to $40.00 in a report on Wednesday, September 29th. TheStreet raised shares of Occidental Petroleum from a d+ rating to a c rating in a research note on Thursday, November 4th. Citigroup raised their target price on shares of Occidental Petroleum from $35.00 to $38.00 in a research report on Monday, January 3rd. Morgan Stanley lifted their price objective on shares of Occidental Petroleum from $40.00 to $47.00 and gave the company an overweight rating in a report on Wednesday, October 6th. Finally, Zacks Investment Research lowered shares of Occidental Petroleum from a strong-buy rating to a hold rating and set a $31.00 price objective on the stock. in a report on Tuesday, December 28th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Buy and an average target price of $36.24.

Shares of NYSE:OXY opened at $35.51 on Friday. Occidental Petroleum has a 1 year low of $19.46 and a 1 year high of $35.75. The company has a market cap of $33.17 billion, a PE ratio of -29.11, a P/E/G ratio of 0.33 and a beta of 2.32. The company has a debt-to-equity ratio of 3.39, a current ratio of 1.08 and a quick ratio of 0.89. The stock’s 50-day moving average is $30.79 and its 200 day moving average is $29.39.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Thursday, November 4th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.21. The business had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.57 billion. Occidental Petroleum had a positive return on equity of 7.75% and a negative net margin of 1.51%. The firm’s quarterly revenue was up 107.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.84) EPS. Analysts expect that Occidental Petroleum will post 2.18 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 14th. Investors of record on Friday, December 10th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.11%. The ex-dividend date of this dividend was Thursday, December 9th. Occidental Petroleum’s dividend payout ratio (DPR) is -3.28%.

Several hedge funds and other institutional investors have recently made changes to their positions in OXY. State of Michigan Retirement System increased its holdings in Occidental Petroleum by 5.5% during the 3rd quarter. State of Michigan Retirement System now owns 222,762 shares of the oil and gas producer’s stock valued at $6,589,000 after acquiring an additional 11,600 shares in the last quarter. HITE Hedge Asset Management LLC purchased a new stake in Occidental Petroleum in the second quarter valued at approximately $19,259,000. Principal Financial Group Inc. lifted its position in Occidental Petroleum by 5.0% during the second quarter. Principal Financial Group Inc. now owns 1,305,309 shares of the oil and gas producer’s stock valued at $40,817,000 after buying an additional 62,564 shares in the last quarter. Estate Counselors LLC lifted its position in Occidental Petroleum by 59.8% during the third quarter. Estate Counselors LLC now owns 62,100 shares of the oil and gas producer’s stock valued at $1,836,000 after buying an additional 23,250 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Occidental Petroleum by 0.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,005,328 shares of the oil and gas producer’s stock valued at $156,517,000 after buying an additional 12,859 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Occidental Petroleum Company Profile

Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.

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