Fintel reports that on July 24, 2023, Raymond James maintained coverage of Occidental Petroleum (NYSE:OXY) with a Strong Buy recommendation.
Analyst Price Forecast Suggests 14.37% Upside
As of July 6, 2023, the average one-year price target for Occidental Petroleum is 71.28. The forecasts range from a low of 50.50 to a high of $97.65. The average price target represents an increase of 14.37% from its latest reported closing price of 62.32.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Occidental Petroleum is 34,516MM, a decrease of 2.80%. The projected annual non-GAAP EPS is 7.76.
Occidental Petroleum Declares $0.18 Dividend
On May 4, 2023 the company declared a regular quarterly dividend of $0.18 per share ($0.72 annualized). Shareholders of record as of June 9, 2023 received the payment on July 14, 2023. Previously, the company paid $0.18 per share.
At the current share price of $62.32 / share, the stock's dividend yield is 1.16%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.36%, the lowest has been 0.07%, and the highest has been 32.61%. The standard deviation of yields is 5.40 (n=236).
The current dividend yield is 0.41 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.07. 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 1888 funds or institutions reporting positions in Occidental Petroleum. This is a decrease of 17 owner(s) or 0.89% in the last quarter. Average portfolio weight of all funds dedicated to OXY is 0.39%, a decrease of 24.57%. Total shares owned by institutions decreased in the last three months by 0.90% to 817,042K shares. 
The put/call ratio of OXY is 1.08, indicating a bearish outlook.
What are Other Shareholders Doing?
Berkshire Hathaway holds 211,707K shares representing 23.74% ownership of the company. In it's prior filing, the firm reported owning 194,352K shares, representing an increase of 8.20%. The firm decreased its portfolio allocation in OXY by 0.71% over the last quarter.
Dodge & Cox holds 92,156K shares representing 10.33% ownership of the company. In it's prior filing, the firm reported owning 92,957K shares, representing a decrease of 0.87%. The firm decreased its portfolio allocation in OXY by 2.37% over the last quarter.
DODGX - Dodge & Cox Stock Fund holds 60,554K shares representing 6.79% ownership of the company. No change in the last quarter.
XLE - The Energy Select Sector SPDR Fund holds 20,897K shares representing 2.34% ownership of the company. In it's prior filing, the firm reported owning 21,048K shares, representing a decrease of 0.72%. The firm increased its portfolio allocation in OXY by 5.82% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 19,655K shares representing 2.20% ownership of the company. In it's prior filing, the firm reported owning 20,724K shares, representing a decrease of 5.44%. The firm decreased its portfolio allocation in OXY by 13.20% 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.
Additional reading:
- Joint Filing Agreement
- Occidental Announces 1st Quarter 2023 Results
- Occidental Announces 4th Quarter 2022 Results
- Occidental Petroleum Corporation Savings Plan (Amended and Restated Effective as of January 1, 2023)
- Form of Occidental Petroleum Corporation 2015 Long-Term Inventive Plan Total Shareholder Return Incentive Award (applicable to annual grants made in 2022)
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
