Occidental Petroleum Corporation (NYSE:OXY) Given Average Recommendation of “Hold” by Analysts

Occidental Petroleum Corporation (NYSE:OXY) has earned a consensus rating of “Hold” from the twenty-six brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $63.6087.

A number of research analysts have weighed in on OXY shares. Truist Financial dropped their price objective on shares of Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Capital One Financial dropped their price objective on shares of Occidental Petroleum from $69.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Monday, April 13th. UBS Group dropped their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Morgan Stanley raised their price objective on shares of Occidental Petroleum from $73.00 to $74.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Finally, Argus raised shares of Occidental Petroleum to a “hold” rating in a research note on Friday, February 27th.

Key Headlines Impacting Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Barclays upgraded Occidental Petroleum to Overweight and lifted its price target to $72 from $59, citing the setup for a multi-year oil boom and stronger cash flow potential from tighter global supply. Barclays sees multi-year oil boom, sees upside in OXY, Devon and ConocoPhillips
• Positive Sentiment: Mizuho also raised its price target on OXY to $75 from $72 and kept an Outperform rating, reinforcing the view that the shares still have meaningful upside from current levels. Benzinga report on Mizuho price target increase
• Positive Sentiment: Reuters reported that Occidental is taking a 10% stake in Exxon Mobil’s deepwater exploration block offshore Trinidad and Tobago, which could expand its international exploration exposure and add to future growth prospects. Exclusive: Occidental takes 10% stake in Exxon deepwater block offshore Trinidad, sources say
• Neutral Sentiment: Zacks published a value-investor analysis asking whether OXY is attractive at current levels, but the item mainly reiterates standard valuation and estimate-revision screening rather than delivering a fresh catalyst. Should Value Investors Buy Occidental Petroleum (OXY) Stock?
• Neutral Sentiment: A 24/7 Wall St. feature highlighted a large long-term winning OXY trade that has grown into a major portfolio concentration issue; this is more investor commentary than a direct company-specific catalyst. From $90K Bet to $800K Windfall: When Does a Winning Oil Trade Become a Retirement Risk?
• Negative Sentiment: Broader market coverage noted weakness in energy producers, which may be contributing to the stock’s recent softness despite the bullish analyst updates. Stocks Pressured by Weakness in Energy Producers and Cybersecurity Stocks

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Occidental Petroleum by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock valued at $3,696,716,000 after purchasing an additional 699,137 shares in the last quarter. State Street Corp lifted its position in shares of Occidental Petroleum by 2.1% during the fourth quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock valued at $1,635,263,000 after purchasing an additional 828,848 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Occidental Petroleum by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after purchasing an additional 167,518 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Occidental Petroleum by 21.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after purchasing an additional 1,883,721 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Occidental Petroleum by 18.9% during the fourth quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer’s stock valued at $276,772,000 after purchasing an additional 1,071,948 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Trading Down 1.0%

NYSE:OXY opened at $56.86 on Friday. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $56.56 billion, a price-to-earnings ratio of 14.32 and a beta of 0.17. The firm has a fifty day simple moving average of $58.93 and a two-hundred day simple moving average of $49.81. Occidental Petroleum has a 12 month low of $38.80 and a 12 month high of $67.45.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.46. The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The business’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period last year, the company posted $0.14 earnings per share. Analysts expect that Occidental Petroleum will post 5.33 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Wednesday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 26.20%.

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.