Occidental Petroleum Co. (NYSE:OXY) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Occidental Petroleum Co. (NYSE:OXY) have been given an average rating of “Hold” by the twenty-one research firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $59.82.

Several analysts have commented on the stock. UBS Group raised their price objective on shares of Occidental Petroleum from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Piper Sandler dropped their price target on Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. The Goldman Sachs Group downgraded Occidental Petroleum from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $54.00 to $45.00 in a report on Friday, January 31st. Wells Fargo & Company restated an “equal weight” rating on shares of Occidental Petroleum in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Occidental Petroleum from $59.00 to $52.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th.

Occidental Petroleum Price Performance

OXY opened at $48.84 on Monday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. The stock has a market capitalization of $45.90 billion, a PE ratio of 20.02 and a beta of 1.51. The stock’s 50 day moving average price is $48.28 and its 200-day moving average price is $49.89. Occidental Petroleum has a 52-week low of $44.70 and a 52-week high of $71.19.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $7.14 billion. On average, equities research analysts predict that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be issued a dividend of $0.24 per share. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Monday, March 10th. Occidental Petroleum’s dividend payout ratio is presently 39.34%.

Insider Buying and Selling

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 shares were bought at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the acquisition, the insider now owns 264,941,431 shares of the company’s stock, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently modified their holdings of OXY. Certified Advisory Corp purchased a new stake in Occidental Petroleum during the fourth quarter valued at approximately $476,000. Rule One Partners LLC bought a new stake in shares of Occidental Petroleum during the 3rd quarter valued at $14,199,000. Fisher Asset Management LLC raised its holdings in Occidental Petroleum by 1.1% in the 4th quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer’s stock worth $30,320,000 after purchasing an additional 6,461 shares during the period. Sarasin & Partners LLP lifted its position in Occidental Petroleum by 5.4% during the fourth quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock valued at $48,942,000 after purchasing an additional 50,983 shares in the last quarter. Finally, Weiss Asset Management LP bought a new stake in Occidental Petroleum during the third quarter valued at about $2,509,000. 88.70% of the stock is owned by institutional investors.

About Occidental Petroleum

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.