Piper Jaffray Companies set a $59.00 price target on Occidental Petroleum (NYSE:OXY) in a report issued on Friday morning, TipRanks reports. The brokerage currently has a buy rating on the oil and gas producer’s stock.
A number of other brokerages have also issued reports on OXY. TheStreet lowered shares of Occidental Petroleum from a b- rating to a c+ rating in a research report on Friday, May 24th. Atlantic Securities lowered shares of Occidental Petroleum from an overweight rating to a neutral rating and set a $61.50 target price on the stock. in a research report on Thursday, April 25th. KeyCorp lowered shares of Occidental Petroleum from an overweight rating to a sector weight rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. started coverage on shares of Occidental Petroleum in a research report on Tuesday, August 13th. They set an underweight rating and a $50.00 target price on the stock. Finally, Raymond James set a $80.00 target price on shares of Occidental Petroleum and gave the stock a buy rating in a research report on Thursday, May 23rd. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $67.56.
Shares of NYSE:OXY traded up $1.01 during trading on Friday, reaching $45.58. The stock had a trading volume of 9,850,709 shares, compared to its average volume of 8,231,396. Occidental Petroleum has a 52 week low of $43.08 and a 52 week high of $83.35. The firm has a market capitalization of $32.90 billion, a price-to-earnings ratio of 9.10, a P/E/G ratio of 2.47 and a beta of 0.82. The company has a quick ratio of 1.00, a current ratio of 1.20 and a debt-to-equity ratio of 0.50. The stock has a fifty day simple moving average of $49.69 and a two-hundred day simple moving average of $57.62.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 6.93%. The ex-dividend date of this dividend is Monday, September 9th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.78. Occidental Petroleum’s payout ratio is 62.28%.
In other Occidental Petroleum news, Director Avedick Baruyr Poladian purchased 5,000 shares of the stock in a transaction on Wednesday, June 12th. The shares were purchased at an average price of $48.77 per share, with a total value of $243,850.00. Following the acquisition, the director now directly owns 60,319 shares of the company’s stock, valued at approximately $2,941,757.63. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Marcia E. Backus purchased 10,000 shares of the stock in a transaction on Monday, June 10th. The stock was acquired at an average cost of $48.09 per share, for a total transaction of $480,900.00. Following the acquisition, the senior vice president now directly owns 101,248 shares in the company, valued at $4,869,016.32. The disclosure for this purchase can be found here. Insiders acquired a total of 104,160 shares of company stock worth $5,023,276 in the last three months. Insiders own 0.15% of the company’s stock.
Several large investors have recently modified their holdings of OXY. Price T Rowe Associates Inc. MD boosted its stake in shares of Occidental Petroleum by 39.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 33,365,328 shares of the oil and gas producer’s stock valued at $1,677,609,000 after purchasing an additional 9,386,180 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Occidental Petroleum by 1,074.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,602,173 shares of the oil and gas producer’s stock valued at $181,118,000 after purchasing an additional 3,295,338 shares in the last quarter. Charles Schwab Investment Advisory Inc. boosted its stake in shares of Occidental Petroleum by 86.7% in the 2nd quarter. Charles Schwab Investment Advisory Inc. now owns 5,839,718 shares of the oil and gas producer’s stock valued at $293,621,000 after purchasing an additional 2,712,579 shares in the last quarter. APG Asset Management N.V. boosted its stake in shares of Occidental Petroleum by 529.6% in the 2nd quarter. APG Asset Management N.V. now owns 1,158,962 shares of the oil and gas producer’s stock valued at $51,170,000 after purchasing an additional 974,896 shares in the last quarter. Finally, Balyasny Asset Management LLC boosted its stake in shares of Occidental Petroleum by 7,021.9% in the 2nd quarter. Balyasny Asset Management LLC now owns 864,095 shares of the oil and gas producer’s stock valued at $43,447,000 after purchasing an additional 851,962 shares in the last quarter. Institutional investors own 80.49% 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 and internationally. The company operates through three 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 (NGLs), and natural gas.
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