Occidental Petroleum (NYSE:OXY) Given New $58.00 Price Target at UBS Group

Occidental Petroleum (NYSE:OXY) had its target price reduced by UBS Group from $59.00 to $58.00 in a report released on Monday,Benzinga reports. UBS Group currently has a neutral rating on the oil and gas producer’s stock.

Other research analysts have also recently issued reports about the company. Scotiabank decreased their price objective 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. Truist Financial decreased their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Bank of America assumed coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price objective on the stock. Wolfe Research increased their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, BMO Capital Markets reduced their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average target price of $63.70.

Occidental Petroleum Price Performance

Shares of OXY stock opened at $51.54 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The company has a market capitalization of $48.36 billion, a PE ratio of 13.42 and a beta of 1.58. The firm’s 50-day moving average is $51.77 and its two-hundred day moving average is $57.11. Occidental Petroleum has a 12 month low of $48.42 and a 12 month high of $71.18.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.71%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC boosted its stake in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the period. Mizuho Securities Co. Ltd. acquired a new stake in shares of Occidental Petroleum during the third quarter worth about $32,000. New Covenant Trust Company N.A. purchased a new position in shares of Occidental Petroleum during the first quarter worth about $44,000. LRI Investments LLC acquired a new stake in shares of Occidental Petroleum in the 1st quarter worth $44,000. Finally, Transamerica Financial Advisors Inc. purchased a new stake in shares of Occidental Petroleum in the third quarter valued at about $50,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.