Occidental Petroleum (NYSE:OXY) Research Coverage Started at Piper Sandler

Piper Sandler began coverage on shares of Occidental Petroleum (NYSE:OXY) in a report issued on Tuesday morning, Marketbeat reports. The firm issued a neutral rating and a $69.00 price target on the oil and gas producer’s stock.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of Occidental Petroleum from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 10th. BMO Capital Markets reissued a “market perform” rating and set a $68.00 price target on shares of Occidental Petroleum in a research report on Wednesday, October 14th. Roth Capital upgraded Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Friday, October 16th. The Goldman Sachs Group raised Occidental Petroleum from a “neutral” rating to a “buy” rating and raised their price objective for the company from $63.00 to $69.00 in a research report on Thursday, October 1st. Finally, Truist Financial lifted their target price on Occidental Petroleum from $63.00 to $64.00 and gave the stock a “hold” rating in a research note on Thursday, October 15th. Twelve equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.88.

Occidental Petroleum Stock Up 0.2%

Shares of OXY stock opened at $62.98 on Tuesday. The firm has a fifty day moving average of $60.13 and a 200-day moving average of $55.81. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. Occidental Petroleum has a 12-month low of $38.80 and a 12-month high of $67.45. The company has a market capitalization of $62.96 billion, a price-to-earnings ratio of 14.25, a P/E/G ratio of 0.73 and a beta of 0.24.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter last year, the firm earned $0.39 EPS. Occidental Petroleum’s revenue for the quarter was up 53.4% compared to the same quarter last year. As a group, equities research analysts predict that Occidental Petroleum will post 6.81 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 10th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, December 10th. Occidental Petroleum’s payout ratio is 17.34%.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Axiom Investment Management LLC purchased a new stake in Occidental Petroleum in the first quarter valued at approximately $25,000. Hara Capital LLC purchased a new position in shares of Occidental Petroleum during the second quarter worth approximately $25,000. GKV Capital Management Co. Inc. purchased a new position in shares of Occidental Petroleum during the first quarter worth approximately $26,000. William Mack & Associates Inc. acquired a new position in shares of Occidental Petroleum in the 3rd quarter valued at $27,000. Finally, Fiduciary Financial Advisors acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at $31,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company’s OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.