Evercore ISI Cuts Occidental Petroleum (NYSE:OXY) Price Target to $38.00

Occidental Petroleum (NYSE:OXY) had its target price trimmed by Evercore ISI from $40.00 to $38.00 in a research note released on Friday morning,Benzinga reports. The firm currently has an underperform rating on the oil and gas producer’s stock.

Several other brokerages have also recently issued reports on OXY. Roth Capital lifted their target price on shares of Occidental Petroleum from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday. Mizuho upgraded shares of Occidental Petroleum from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $58.00 to $60.00 in a research report on Friday. Wall Street Zen cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Melius Research assumed coverage on shares of Occidental Petroleum in a research note on Wednesday, August 20th. They issued a “hold” rating and a $64.00 target price on the stock. Finally, UBS Group lowered their target price on Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $52.87.

Occidental Petroleum Trading Up 1.4%

OXY stock opened at $44.86 on Friday. The business’s 50-day moving average is $45.63 and its 200 day moving average is $43.76. Occidental Petroleum has a 12-month low of $34.78 and a 12-month high of $56.49. The stock has a market cap of $44.16 billion, a price-to-earnings ratio of 26.54 and a beta of 0.95. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter last year, the business posted $1.03 earnings per share. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum’s payout ratio is 56.80%.

Institutional Trading of Occidental Petroleum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OXY. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Occidental Petroleum during the second quarter worth $27,000. Grove Bank & Trust boosted its holdings in Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock valued at $36,000 after acquiring an additional 407 shares during the period. Hantz Financial Services Inc. grew its position in Occidental Petroleum by 1,193.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer’s stock valued at $36,000 after acquiring an additional 788 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Occidental Petroleum during the first quarter worth about $39,000. Finally, MeadowBrook Investment Advisors LLC lifted its position in shares of Occidental Petroleum by 371.7% during the second quarter. MeadowBrook Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock worth $42,000 after purchasing an additional 788 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.