Occidental Petroleum Co. (OXY) Upgraded by Bank of America Corp to “Buy”
A number of other equities analysts have also recently issued reports on OXY. Goldman Sachs Group Inc raised shares of Occidental Petroleum from a sell rating to a neutral rating and set a $75.00 target price on the stock in a report on Friday, December 16th. BMO Capital Markets cut shares of Occidental Petroleum from an outperform rating to a market perform rating and set a $70.00 target price on the stock. in a report on Wednesday, January 11th. They noted that the move was a valuation call. Wells Fargo & Co reissued an outperform rating on shares of Occidental Petroleum in a report on Saturday, January 14th. Mizuho raised shares of Occidental Petroleum from a neutral rating to an outperform rating in a report on Monday, February 13th. They noted that the move was a valuation call. Finally, Scotiabank reissued a hold rating on shares of Occidental Petroleum in a report on Friday, February 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $73.66.
Shares of Occidental Petroleum (NYSE:OXY) opened at 63.66 on Wednesday. The stock’s 50 day moving average price is $65.97 and its 200 day moving average price is $69.97. The stock’s market cap is $48.65 billion. Occidental Petroleum has a 52 week low of $61.01 and a 52 week high of $78.48.
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Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Thursday, February 9th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.03) by $0.10. Occidental Petroleum had a negative return on equity of 3.40% and a negative net margin of 5.52%. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same period in the previous year, the business posted ($0.17) EPS. The business’s revenue for the quarter was down .6% on a year-over-year basis. Equities research analysts anticipate that Occidental Petroleum will post $1.13 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 10th will be paid a dividend of $0.76 per share. The ex-dividend date of this dividend is Wednesday, March 8th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.78%. Occidental Petroleum’s dividend payout ratio is presently -400.00%.
In related news, Director Stephen I. Chazen sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $63.27, for a total transaction of $253,080.00. Following the transaction, the director now owns 1,492,619 shares in the company, valued at $94,438,004.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vicki A. Hollub acquired 15,000 shares of the stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average price of $62.72 per share, for a total transaction of $940,800.00. Following the purchase, the insider now directly owns 76,018 shares of the company’s stock, valued at $4,767,848.96. The disclosure for this purchase can be found here. Insiders have sold 52,000 shares of company stock worth $3,529,480 in the last quarter. Company insiders own 0.35% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dodge & Cox bought a new position in Occidental Petroleum during the fourth quarter worth approximately $12,593,000. Norges Bank bought a new position in Occidental Petroleum during the fourth quarter worth approximately $485,263,000. Sowell Financial Services LLC bought a new position in Occidental Petroleum during the fourth quarter worth approximately $553,000. AE Wealth Management LLC bought a new position in Occidental Petroleum during the fourth quarter worth approximately $1,038,000. Finally, I.G. Investment Management LTD. raised its position in Occidental Petroleum by 10.3% in the fourth quarter. I.G. Investment Management LTD. now owns 2,340,510 shares of the company’s stock worth $166,715,000 after buying an additional 217,644 shares in the last quarter. Institutional investors and hedge funds own 80.07% of the company’s stock.
Occidental Petroleum Company Profile
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.
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