Roth Capital Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its target price raised by Roth Capital from $45.00 to $46.00 in a research report report published on Thursday,Benzinga reports. Roth Capital currently has a neutral rating on the oil and gas producer’s stock.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler raised their target price on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Morgan Stanley reaffirmed an “equal weight” rating and set a $52.00 price target on shares of Occidental Petroleum in a report on Monday, August 18th. Wells Fargo & Company cut their price target on Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 15th. Mizuho cut their price target on Occidental Petroleum from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Monday, September 15th. Finally, Wall Street Zen cut Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Four investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $53.95.

Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $44.32 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The firm’s 50-day moving average price is $45.62 and its two-hundred day moving average price is $43.84. Occidental Petroleum has a 52-week low of $34.78 and a 52-week high of $56.49. The stock has a market capitalization of $43.63 billion, a P/E ratio of 26.22 and a beta of 0.95.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.29 billion. During the same quarter last year, the company posted $1.03 earnings per share. Occidental Petroleum’s revenue was down 6.1% on a year-over-year basis. As a group, sell-side analysts forecast that Occidental Petroleum will post 3.58 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.2%. Occidental Petroleum’s payout ratio is presently 56.80%.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. University of Texas Texas AM Investment Management Co. bought a new stake in Occidental Petroleum during the second quarter worth approximately $27,000. Grove Bank & Trust grew its position in Occidental Petroleum by 129.2% in the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock worth $36,000 after buying an additional 407 shares during the last quarter. Hantz Financial Services Inc. grew its position in Occidental Petroleum by 1,193.9% in the second quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer’s stock worth $36,000 after buying an additional 788 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Occidental Petroleum in the first quarter worth approximately $39,000. Finally, MeadowBrook Investment Advisors LLC grew its position in Occidental Petroleum by 371.7% in the second quarter. MeadowBrook Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 788 shares during the last quarter. 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.