Wolfe Research Forecasts Strong Price Appreciation for Occidental Petroleum (NYSE:OXY) Stock

Occidental Petroleum (NYSE:OXY) had its price objective raised by Wolfe Research from $73.00 to $75.00 in a research note released on Tuesday morning. Wolfe Research currently has a buy rating on the oil and gas producer’s stock.

OXY has been the topic of several other reports. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective on the stock. Bank of America assumed coverage on Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective for the company. Wells Fargo & Company lowered their target price on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. Mizuho reduced their price target on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Scotiabank lowered their price target on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $63.70.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $49.93 on Tuesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.75. The firm has a market capitalization of $46.85 billion, a PE ratio of 13.00 and a beta of 1.58. Occidental Petroleum has a 1-year low of $48.42 and a 1-year high of $71.18. The business’s fifty day moving average price is $51.80 and its two-hundred day moving average price is $57.49.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stephens Inc. AR boosted its position in shares of Occidental Petroleum by 221.0% in the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock worth $777,000 after buying an additional 10,382 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in Occidental Petroleum by 1.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,482,049 shares of the oil and gas producer’s stock worth $76,385,000 after acquiring an additional 22,920 shares during the period. Czech National Bank grew its stake in Occidental Petroleum by 8.3% during the 3rd quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock valued at $7,069,000 after acquiring an additional 10,456 shares in the last quarter. Discovery Capital Management LLC CT acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at about $10,331,000. Finally, Janney Montgomery Scott LLC grew its position in Occidental Petroleum by 15.2% during the third quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer’s stock valued at $11,440,000 after purchasing an additional 29,344 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other 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.