Occidental Petroleum (NYSE:OXY) Price Target Raised to $71.00

Occidental Petroleum (NYSE:OXY) had its target price raised by Stephens from $70.00 to $71.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the oil and gas producer’s stock.

Several other equities research analysts have also recently issued reports on OXY. Wells Fargo & Company decreased their price objective on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Raymond James lowered their price target on Occidental Petroleum from $85.00 to $77.00 and set a “buy” rating for the company in a report on Tuesday. Barclays decreased their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. TD Cowen decreased their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, BMO Capital Markets cut their target price on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $63.70.

Occidental Petroleum Trading Up 1.5 %

Shares of OXY traded up $0.78 on Wednesday, hitting $51.90. 1,381,967 shares of the stock traded hands, compared to its average volume of 9,298,658. The firm has a market capitalization of $47.00 billion, a P/E ratio of 13.31 and a beta of 1.58. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a 1 year low of $48.42 and a 1 year high of $71.18. The stock’s 50 day moving average is $51.90 and its two-hundred day moving average is $57.67.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is currently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently bought and sold shares of OXY. Vinva Investment Management Ltd acquired a new stake in Occidental Petroleum during the third quarter valued at $570,000. Public Sector Pension Investment Board raised its stake in shares of Occidental Petroleum by 1.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 117,389 shares of the oil and gas producer’s stock valued at $6,050,000 after acquiring an additional 1,672 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Occidental Petroleum by 113.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 614,619 shares of the oil and gas producer’s stock worth $31,677,000 after buying an additional 327,055 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Occidental Petroleum during the 3rd quarter worth $18,554,000. Finally, Glenmede Trust Co. NA raised its position in shares of Occidental Petroleum by 14.8% during the third quarter. Glenmede Trust Co. NA now owns 66,570 shares of the oil and gas producer’s stock valued at $3,431,000 after buying an additional 8,563 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.