Raymond James Boosts Occidental Petroleum (NYSE:OXY) Price Target to $80.00

Occidental Petroleum (NYSE:OXY – Get Rating) had its price objective hoisted by Raymond James from $75.00 to $80.00 in a research report report published on Friday, Benzinga reports. They currently have a strong-buy rating on the oil and gas producer’s stock.

Other equities research analysts also recently issued research reports about the stock. Barclays lifted their target price on shares of Occidental Petroleum from $70.00 to $78.00 in a research report on Friday, March 17th. Roth Capital reiterated a neutral rating on shares of Occidental Petroleum in a research report on Monday, February 27th. Truist Financial raised their price target on Occidental Petroleum from $84.00 to $86.00 in a research report on Tuesday, April 11th. Wells Fargo & Company boosted their price objective on Occidental Petroleum from $64.00 to $65.00 in a report on Friday, April 7th. Finally, The Goldman Sachs Group raised shares of Occidental Petroleum from a neutral rating to a buy rating and set a $81.00 price target for the company in a research note on Tuesday, February 14th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $72.89.

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Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $62.76 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.15 and a quick ratio of 0.88. The business has a 50-day simple moving average of $61.41 and a 200 day simple moving average of $64.96. Occidental Petroleum has a one year low of $51.53 and a one year high of $77.13. The firm has a market capitalization of $56.37 billion, a price-to-earnings ratio of 5.08, a PEG ratio of 0.49 and a beta of 1.78.

Occidental Petroleum (NYSE:OXY – Get Rating) last issued its earnings results on Monday, February 27th. The oil and gas producer reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.22). Occidental Petroleum had a return on equity of 52.68% and a net margin of 35.87%. The business had revenue of $8.22 billion for the quarter, compared to the consensus estimate of $8.21 billion. During the same quarter in the prior year, the business earned $1.48 EPS. Occidental Petroleum’s revenue for the quarter was up 97.6% compared to the same quarter last year. On average, research analysts anticipate that Occidental Petroleum will post 5.69 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 17th. Investors of record on Friday, March 10th were given a dividend of $0.18 per share. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, March 9th. This represents a $0.72 annualized dividend and a yield of 1.15%. Occidental Petroleum’s dividend payout ratio is 5.82%.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 1,789,529 shares of the stock in a transaction on Monday, March 27th. The stock was bought at an average cost of $59.32 per share, for a total transaction of $106,154,860.28. Following the completion of the acquisition, the insider now directly owns 211,707,119 shares of the company’s stock, valued at $12,558,466,299.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have purchased a total of 12,371,716 shares of company stock valued at $735,557,715 in the last 90 days. 0.31% of the stock is owned by company insiders.

Institutional Trading of Occidental Petroleum

Institutional investors have recently modified their holdings of the stock. Ironwood Wealth Management LLC. bought a new position in Occidental Petroleum during the first quarter worth $334,000. Cibc World Market Inc. raised its stake in shares of Occidental Petroleum by 47.2% in the first quarter. Cibc World Market Inc. now owns 55,697 shares of the oil and gas producer’s stock valued at $3,160,000 after buying an additional 17,859 shares during the period. Prudential PLC purchased a new stake in Occidental Petroleum during the first quarter valued at about $1,124,000. Sequoia Financial Advisors LLC purchased a new position in shares of Occidental Petroleum in the first quarter valued at $313,000. Finally, Candriam Luxembourg S.C.A. lifted its stake in Occidental Petroleum by 12.4% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 54,540 shares of the oil and gas producer’s stock worth $3,094,000 after purchasing an additional 6,018 shares in the last quarter. 78.45% of the stock is currently owned by institutional investors.

About Occidental Petroleum

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Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.

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