Occidental Petroleum Rating Increased to Overweight at Morgan Stanley (OXY)
Occidental Petroleum (NYSE:OXY) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Monday. The firm currently has a $120.00 price objective on the stock, up from their previous price objective of $110.00. Morgan Stanley’s price objective indicates a potential upside of 22.59% from the company’s current price.
A number of other analysts have also recently weighed in on OXY. Analysts at Barclays cut their price target on shares of Occidental Petroleum from $120.00 to $117.00 in a research note on Monday, July 21st. They now have an “overweight” rating on the stock. Separately, analysts at Deutsche Bank raised their price target on shares of Occidental Petroleum from $110.00 to $114.00 in a research note on Thursday, July 17th. They now have a “hold” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Occidental Petroleum in a research note on Friday, June 13th. They now have a $106.00 price target on the stock. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Occidental Petroleum has an average rating of “Buy” and a consensus target price of $111.29.
Shares of Occidental Petroleum (NYSE:OXY) traded up 1.90% during mid-day trading on Monday, hitting $99.75. The stock had a trading volume of 983,592 shares. Occidental Petroleum has a one year low of $84.91 and a one year high of $105.64. The stock’s 50-day moving average is $101.4 and its 200-day moving average is $96.63. The company has a market cap of $77.765 billion and a P/E ratio of 12.91.
Occidental Petroleum (NYSE:OXY) last announced its earnings results on Thursday, July 31st. The company reported $1.82 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.75 by $0.07. The company had revenue of $6.28 billion for the quarter, compared to the consensus estimate of $6.04 billion. During the same quarter in the prior year, the company posted $1.64 earnings per share. The company’s quarterly revenue was up 5.2% on a year-over-year basis. On average, analysts predict that Occidental Petroleum will post $7.28 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Monday, September 8th.
Occidental Petroleum Corporation (NYSE:OXY) conducts its operations through various subsidiaries and affiliates.
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