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Occidental Petroleum (NYSE:OXY) Price Target Increased to $84.00 by Analysts at Truist Financial

Written by Amanda

Occidental Petroleum (NYSE:OXYFree Report) had its price target upped by Truist Financial from $77.00 to $84.00 in a report issued on Friday, Benzinga reports. Truist Financial currently has a buy rating on the oil and gas producer’s stock.

Several other research firms have also recently issued reports on OXY. Morgan Stanley raised their target price on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an overweight rating in a research report on Thursday, March 28th. Wells Fargo & Company lifted their price target on shares of Occidental Petroleum from $59.00 to $62.00 and gave the company an equal weight rating in a research report on Friday, February 16th. Stephens reaffirmed an overweight rating and set a $74.00 price target on shares of Occidental Petroleum in a research report on Thursday, February 15th. Raymond James reduced their price target on shares of Occidental Petroleum from $70.00 to $68.00 and set a strong-buy rating on the stock in a research report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Occidental Petroleum from $78.00 to $73.00 and set a neutral rating on the stock in a research report on Friday, December 8th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $70.67.

Read Our Latest Research Report on OXY

Occidental Petroleum Price Performance

Occidental Petroleum stock opened at $69.25 on Friday. The firm’s 50-day moving average is $61.14 and its two-hundred day moving average is $60.87. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. Occidental Petroleum has a 12-month low of $55.12 and a 12-month high of $69.58. The stock has a market capitalization of $61.39 billion, a P/E ratio of 17.71 and a beta of 1.64.

Occidental Petroleum (NYSE:OXYGet Free Report) last released its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business had revenue of $7.53 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same period last year, the company earned $1.61 earnings per share. The company’s quarterly revenue was down 9.6% on a year-over-year basis. Equities analysts predict that Occidental Petroleum will post 3.55 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 8th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Thursday, March 7th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s payout ratio is 22.51%.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its stake in shares of Occidental Petroleum by 23.0% in the first quarter. GAMMA Investing LLC now owns 3,583 shares of the oil and gas producer’s stock worth $233,000 after buying an additional 671 shares during the last quarter. HighPoint Advisor Group LLC bought a new stake in Occidental Petroleum during the fourth quarter valued at $1,006,000. Wahed Invest LLC increased its stake in Occidental Petroleum by 5.6% during the fourth quarter. Wahed Invest LLC now owns 11,732 shares of the oil and gas producer’s stock valued at $701,000 after purchasing an additional 622 shares during the last quarter. Fortis Group Advisors LLC increased its stake in Occidental Petroleum by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 1,720 shares of the oil and gas producer’s stock valued at $103,000 after purchasing an additional 860 shares during the last quarter. Finally, Creekmur Asset Management LLC bought a new stake in Occidental Petroleum during the fourth quarter valued at $321,000. Institutional investors own 88.70% of the company’s stock.

About Occidental Petroleum

(Get Free Report)

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.

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Source: defenseworld.net

About the author

Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai