Occidental Petroleum (NYSE:OXY) Reaches New 52-Week High Following Analyst Upgrade

Occidental Petroleum Corporation (NYSE:OXY)’s share price reached a new 52-week high on Tuesday after Scotiabank upgraded the stock to a hold rating. The stock traded as high as $67.05 and last traded at $66.3070, with a volume of 22928732 shares changing hands. The stock had previously closed at $65.32.

A number of other equities analysts have also weighed in on the company. UBS Group increased their target price on Occidental Petroleum from $49.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, March 5th. Susquehanna boosted their price target on Occidental Petroleum from $51.00 to $60.00 and gave the company a “positive” rating in a research note on Friday, February 20th. Piper Sandler upgraded Occidental Petroleum from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $54.00 to $66.00 in a research report on Thursday, March 12th. Roth Mkm lifted their target price on Occidental Petroleum from $39.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, February 20th. Finally, Wall Street Zen raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $56.59.

Trending Headlines about Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Earnings-estimate revisions are moving upward, which supports near-term upside expectations and helps explain recent buying pressure. Analysts and research notes cite improved EPS outlooks that can lift sentiment. Earnings Estimates Rising for Occidental (OXY)
• Positive Sentiment: OXY is trading near its 52-week high and is listed among stocks with momentum and upside potential—momentum can attract more buyers and technical funds. 4 Stocks Trading Near 52-Week High With More Upside Potential
• Positive Sentiment: Recent analyst attention includes upgrades/price-target lifts that have helped push OXY to a new 12‑month high — analyst optimism is a direct support to the stock. Occidental Petroleum (NYSE:OXY) Hits New 12-Month High on Analyst Upgrade
• Positive Sentiment: Macro/peer momentum: coverage of Berkshire Hathaway’s energy holdings and broader interest in energy names has buoyed stocks like OXY, adding to investor appetite. Warren Buffett’s Energy Picks Soared
• Neutral Sentiment: Citi left a “hold/neutral” rating on OXY while raising its price target, a mixed signal (the PT bump is constructive but the rating tempers bullish conviction). Citi Keeps Their Hold Rating on Occidental Petroleum (OXY)
• Negative Sentiment: Contrarian/technical caution: some commentary argues the stock may be near a short-term peak and suggests income strategies (covered calls) or profit-taking, which could apply downward pressure if investors act. Occidental Petroleum Stock May Be at a Peak – Time to Sell OXY Covered Calls?

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Carrera Capital Advisors grew its holdings in Occidental Petroleum by 0.5% in the fourth quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer’s stock worth $1,831,000 after purchasing an additional 227 shares during the last quarter. Moody National Bank Trust Division lifted its holdings in shares of Occidental Petroleum by 1.5% during the 3rd quarter. Moody National Bank Trust Division now owns 15,555 shares of the oil and gas producer’s stock valued at $735,000 after purchasing an additional 229 shares during the last quarter. Summit Securities Group LLC boosted its position in shares of Occidental Petroleum by 18.5% in the 4th quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer’s stock worth $60,000 after purchasing an additional 229 shares in the last quarter. Apella Capital LLC grew its stake in Occidental Petroleum by 3.4% during the 4th quarter. Apella Capital LLC now owns 7,019 shares of the oil and gas producer’s stock worth $289,000 after buying an additional 233 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. grew its stake in Occidental Petroleum by 1.8% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 13,934 shares of the oil and gas producer’s stock worth $573,000 after buying an additional 249 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Stock Down 1.9%

The company has a 50-day moving average of $52.07 and a 200-day moving average of $45.87. The company has a current ratio of 0.94, a quick ratio of 0.74 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $64.45 billion, a price-to-earnings ratio of 40.37 and a beta of 0.34.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.13. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter last year, the company earned $0.80 earnings per share. The company’s quarterly revenue was down 5.2% on a year-over-year basis. On average, equities analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 10th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $1.04 annualized dividend and a yield of 1.6%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.24. Occidental Petroleum’s payout ratio is presently 64.60%.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.