Zacks Reiterates Neutral Rating for Occidental Petroleum (OXY)
Occidental Petroleum (NYSE:OXY)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Friday. They currently have a $106.00 price objective on the stock. Zacks‘s price target indicates a potential upside of 2.68% from the stock’s previous close.
Zacks’ analyst wrote, “Occidental Petroleum’s earnings in the first-quarter 2014 surpassed the Zacks Consensus Estimate and the prior-year figure. Results were driven by higher production volumes and a better realized price of the products sold. In addition, the decline in shares outstanding also had a positive impact on earnings. The company’s strategic investment in projects like the New Johnsonville chlor-alkali plant, the BridgeTex Pipeline and the Al Hosn Gas Project are expected to boost cash flow. This will enable Occidental Petroleum to lower its debt burden and increase shareholder value through share repurchase and payment of higher dividends. However, stringent regulations, volatile commodity prices and risks associated with exploration and production infrastructure damages could offset these positives. Thus, we have maintained our Neutral recommendation on the stock.”
OXY has been the subject of a number of other recent research reports. Analysts at Jefferies Group initiated coverage on shares of Occidental Petroleum in a research note on Friday. They set a “buy” rating and a $114.00 price target on the stock. Separately, analysts at Deutsche Bank initiated coverage on shares of Occidental Petroleum in a research note on Tuesday. They set a “hold” rating and a $110.00 price target on the stock. Finally, analysts at Guggenheim raised their price target on shares of Occidental Petroleum from $112.00 to $115.00 in a research note on Tuesday, June 3rd. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Occidental Petroleum currently has an average rating of “Buy” and an average target price of $110.07.
Shares of Occidental Petroleum (NYSE:OXY) traded up 1.96% on Friday, hitting $103.23. 4,353,511 shares of the company’s stock traded hands. Occidental Petroleum has a one year low of $84.91 and a one year high of $103.25. The stock has a 50-day moving average of $97.78 and a 200-day moving average of $94.72. The company has a market cap of $81.099 billion and a P/E ratio of 13.71.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Monday, May 5th. The company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.05. The company had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the company posted $1.69 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, analysts predict that Occidental Petroleum will post $7.18 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, July 15th. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend is Friday, June 6th.
Occidental Petroleum Corporation (NYSE:OXY) conducts its operations through various subsidiaries and affiliates.
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