Shares of Occidental Petroleum Co. (NYSE: OXY) experienced an upward movement prior to the market’s opening on Friday. The stock, which closed the previous day at $44.76, opened at $46.56 and was last traded at $46.22, with a trading volume of 8,608,196 shares.
Analyst opinions vary regarding the stock’s future performance. Recently, Scotiabank adjusted its rating from “sector outperform” to “sector perform” with a target price of $40.00. Similarly, JPMorgan Chase reduced its target from $52.00 to $47.00 and maintained a “neutral” rating. Raymond James also re-evaluated its stance, lowering its recommendation from “strong buy” to “outperform,” with the target price set at $64.00. Other analysts, including UBS Group, have also revised their price targets downward. Currently, the stock holds a consensus rating of “Hold” among analysts with an average price target of $53.14.
Despite the fluctuations in ratings, Occidental Petroleum’s stock price rose by 3.7%. The company maintains a debt-to-equity ratio of 0.95, a quick ratio of 0.76, and a current ratio of 0.95. Its market capitalization stands at $45.67 billion, reflecting its ongoing presence in the energy sector.
In its latest earnings report, Occidental Petroleum announced an EPS of $0.87, exceeding estimates of $0.74, which highlights its operational profitability. The firm’s revenue of $6.80 billion, although slightly below analyst expectations, shows a year-over-year growth of 13.9%. This demonstrates the company’s resilience amidst market dynamics.
Additionally, Occidental Petroleum has declared a quarterly dividend of $0.24 per share, set to be paid on July 15. This decision emphasizes the company’s commitment to returning value to shareholders, marking a 2.07% dividend yield.
Institutional interest in Occidental Petroleum remains strong, as several hedge funds have recently increased their holdings in the company. This pattern of investment may indicate confidence in the company’s future performance.
Overall, while there are mixed sentiments among analysts regarding Occidental Petroleum, its solid earnings performance and continued dividend distribution present a hopeful outlook as the company navigates future challenges in the energy market.