Fintel reports that on September 18, 2023, Mizuho maintained coverage of Occidental Petroleum (NYSE:OXY) with a Buy recommendation.
Analyst Price Forecast Suggests 7.75% Upside
As of August 31, 2023, the average one-year price target for Occidental Petroleum is 71.28. The forecasts range from a low of 59.59 to a high of $97.65. The average price target represents an increase of 7.75% from its latest reported closing price of 66.15.
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The projected annual revenue for Occidental Petroleum is 34,516MM, an increase of 9.45%. The projected annual non-GAAP EPS is 7.76.
Occidental Petroleum Declares $0.18 Dividend
On July 26, 2023 the company declared a regular quarterly dividend of $0.18 per share ($0.72 annualized). Shareholders of record as of September 8, 2023 will receive the payment on October 13, 2023. Previously, the company paid $0.18 per share.
At the current share price of $66.15 / share, the stock's dividend yield is 1.09%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.29%, the lowest has been 0.07%, and the highest has been 32.61%. The standard deviation of yields is 5.41 (n=236).
The current dividend yield is 0.41 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.09. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 17.00%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1806 funds or institutions reporting positions in Occidental Petroleum. This is a decrease of 107 owner(s) or 5.59% in the last quarter. Average portfolio weight of all funds dedicated to OXY is 0.36%, a decrease of 7.20%. Total shares owned by institutions decreased in the last three months by 2.07% to 793,255K shares. 
The put/call ratio of OXY is 1.02, indicating a bearish outlook.
What are Other Shareholders Doing?
Berkshire Hathaway holds 224,129K shares representing 25.33% ownership of the company. In it's prior filing, the firm reported owning 211,707K shares, representing an increase of 5.54%. The firm decreased its portfolio allocation in OXY by 6.90% over the last quarter.
Dodge & Cox holds 91,304K shares representing 10.32% ownership of the company. In it's prior filing, the firm reported owning 92,156K shares, representing a decrease of 0.93%. The firm decreased its portfolio allocation in OXY by 8.62% over the last quarter.
DODGX - Dodge & Cox Stock Fund holds 60,766K shares representing 6.87% ownership of the company. In it's prior filing, the firm reported owning 60,554K shares, representing an increase of 0.35%. The firm decreased its portfolio allocation in OXY by 9.38% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 20,861K shares representing 2.36% ownership of the company. In it's prior filing, the firm reported owning 19,655K shares, representing an increase of 5.78%. The firm decreased its portfolio allocation in OXY by 7.77% over the last quarter.
XLE - The Energy Select Sector SPDR Fund holds 18,967K shares representing 2.14% ownership of the company. In it's prior filing, the firm reported owning 20,897K shares, representing a decrease of 10.18%. The firm decreased its portfolio allocation in OXY by 3.01% over the last quarter.
Occidental Petroleum Background Information
(This description is provided by the company.)
Occidental is an international energy company with assets in the United States, Middle East, Africa and Latin America. It is one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Its midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Its chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Its Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow its business while reducing emissions. It is committed to using its global leadership in carbon management to advance a lower-carbon world.
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