Brokerages Set Occidental Petroleum Co. (NYSE:OXY) Price Target at $61.55

Shares of Occidental Petroleum Co. (NYSE:OXY) have received an average rating of “Hold” from the twenty-one ratings firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $61.55.

Several research firms have recently weighed in on OXY. Raymond James raised their target price on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 21st. Susquehanna decreased their price objective on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a report on Thursday, November 14th. TD Cowen dropped their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Jefferies Financial Group raised their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Finally, Wolfe Research upped their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was purchased at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the acquisition, the insider now owns 264,941,431 shares of the company’s stock, valued at approximately $12,404,557,799.42. This trade represents a 0.29 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have purchased 6,854,394 shares of company stock valued at $315,101,532 over the last 90 days. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fortitude Family Office LLC raised its holdings in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares during the period. Altshuler Shaham Ltd purchased a new stake in Occidental Petroleum during the fourth quarter worth about $26,000. Whipplewood Advisors LLC acquired a new stake in shares of Occidental Petroleum during the fourth quarter worth about $27,000. VSM Wealth Advisory LLC purchased a new position in shares of Occidental Petroleum in the fourth quarter valued at approximately $27,000. Finally, Mizuho Securities Co. Ltd. acquired a new position in shares of Occidental Petroleum in the third quarter valued at approximately $32,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

Occidental Petroleum stock opened at $46.36 on Thursday. The stock has a market capitalization of $43.51 billion, a P/E ratio of 19.00 and a beta of 1.55. The company’s fifty day moving average price is $49.43 and its 200 day moving average price is $50.94. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. Occidental Petroleum has a 1 year low of $45.17 and a 1 year high of $71.18.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business had revenue of $6.84 billion during the quarter, compared to analysts’ expectations of $7.14 billion. As a group, equities research analysts anticipate that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 10th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.07%. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, March 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 39.34%.

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.