Analysts Set Occidental Petroleum Co. (NYSE:OXY) Price Target at $63.65

Occidental Petroleum Co. (NYSE:OXY) has received a consensus recommendation of “Hold” from the twenty ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $63.70.

OXY has been the subject of several recent analyst reports. TD Cowen decreased their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Mizuho decreased their target price on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Wolfe Research raised their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Raymond James boosted their price objective on shares of Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a report on Thursday. Finally, Scotiabank dropped their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently modified their holdings of OXY. Stephens Inc. AR boosted its holdings in Occidental Petroleum by 221.0% in the 3rd quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock worth $777,000 after buying an additional 10,382 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Occidental Petroleum by 1.6% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,482,049 shares of the oil and gas producer’s stock valued at $76,385,000 after acquiring an additional 22,920 shares in the last quarter. Czech National Bank grew its position in shares of Occidental Petroleum by 8.3% during the third quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after purchasing an additional 10,456 shares in the last quarter. Discovery Capital Management LLC CT bought a new stake in Occidental Petroleum during the 2nd quarter valued at approximately $10,331,000. Finally, Janney Montgomery Scott LLC lifted its holdings in Occidental Petroleum by 15.2% in the 3rd quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer’s stock worth $11,440,000 after purchasing an additional 29,344 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $51.93 on Tuesday. The firm has a market cap of $48.73 billion, a P/E ratio of 13.52 and a beta of 1.58. Occidental Petroleum has a twelve month low of $48.42 and a twelve month high of $71.18. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The company has a 50 day moving average of $51.79 and a 200 day moving average of $56.96.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.69%. Occidental Petroleum’s payout ratio is currently 22.92%.

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.