Raymond James Cuts Occidental Petroleum (NYSE:OXY) Price Target to $77.00

Occidental Petroleum (NYSE:OXY) had its target price lowered by Raymond James from $85.00 to $77.00 in a report issued on Tuesday morning. The firm currently has a buy rating on the oil and gas producer’s stock.

OXY has been the subject of several other reports. Barclays lowered their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Scotiabank lowered their price target on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Bank of America began coverage on Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. TD Cowen dropped their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Truist Financial decreased their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $63.70.

Occidental Petroleum Stock Performance

OXY stock opened at $50.67 on Tuesday. Occidental Petroleum has a twelve month low of $48.42 and a twelve month high of $71.18. The firm has a market cap of $47.55 billion, a price-to-earnings ratio of 13.20 and a beta of 1.58. The business’s fifty day simple moving average is $51.90 and its two-hundred day simple moving average is $57.67. The company has a quick ratio of 0.75, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The company also recently declared 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. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.74%. Occidental Petroleum’s payout ratio is presently 22.92%.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of the company. Earnest Partners LLC raised its position in Occidental Petroleum by 2.6% during the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock worth $445,000 after buying an additional 173 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its position in Occidental Petroleum by 2.0% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock valued at $573,000 after purchasing an additional 175 shares during the period. Atria Wealth Solutions Inc. boosted its holdings in Occidental Petroleum by 0.6% in the second quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock valued at $1,735,000 after purchasing an additional 176 shares during the last quarter. Raymond James Trust N.A. grew its position in Occidental Petroleum by 1.0% during the 2nd quarter. Raymond James Trust N.A. now owns 17,592 shares of the oil and gas producer’s stock worth $1,109,000 after purchasing an additional 182 shares during the period. Finally, Gateway Advisory LLC raised its stake in shares of Occidental Petroleum by 3.9% during the 2nd quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock valued at $306,000 after buying an additional 184 shares during the last quarter. Institutional investors and hedge funds 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.