Occidental Petroleum (NYSE:OXY) Shares Up 1.7%

Occidental Petroleum Co. (NYSE:OXY) shares shot up 1.7% during trading on Monday . The stock traded as high as $65.78 and last traded at $65.50. 2,333,073 shares changed hands during trading, a decline of 72% from the average session volume of 8,426,712 shares. The stock had previously closed at $64.39.

Wall Street Analysts Forecast Growth

OXY has been the topic of several recent research reports. Mizuho upped their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday. Truist Financial upped their target price on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Wells Fargo & Company upped their target price on shares of Occidental Petroleum from $62.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Morgan Stanley increased their price objective 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. Finally, Raymond James reduced their price objective 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. Nine research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $72.00.

Occidental Petroleum Stock Down 2.1 %

The company has a market cap of $56.46 billion, a PE ratio of 16.29 and a beta of 1.64. The business has a 50-day simple moving average of $64.98 and a 200-day simple moving average of $61.34. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $6.70 billion. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. Occidental Petroleum’s revenue for the quarter was down 17.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.09 earnings per share. Equities research analysts anticipate that Occidental Petroleum Co. will post 3.81 EPS for the current year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.88 annualized dividend and a dividend yield of 1.38%. Occidental Petroleum’s dividend payout ratio is presently 22.51%.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its stake in shares of Occidental Petroleum by 107.2% in the first quarter. Russell Investments Group Ltd. now owns 349,592 shares of the oil and gas producer’s stock valued at $22,718,000 after buying an additional 180,838 shares in the last quarter. Qsemble Capital Management LP lifted its holdings in Occidental Petroleum by 1.0% during the 1st quarter. Qsemble Capital Management LP now owns 34,607 shares of the oil and gas producer’s stock worth $2,249,000 after buying an additional 353 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Occidental Petroleum during the first quarter worth about $800,000. Inspire Advisors LLC acquired a new stake in shares of Occidental Petroleum during the first quarter worth about $236,000. Finally, Thoroughbred Financial Services LLC increased its position in shares of Occidental Petroleum by 9.2% during the first quarter. Thoroughbred Financial Services LLC now owns 3,846 shares of the oil and gas producer’s stock worth $250,000 after purchasing an additional 323 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.