Occidental Petroleum (NYSE:OXY) Upgraded at Hsbc Global Res

Hsbc Global Res upgraded shares of Occidental Petroleum (NYSE:OXY) from a hold rating to a strong-buy rating in a report issued on Friday morning,Zacks.com reports.

A number of other research firms have also recently issued reports on OXY. Evercore ISI lowered their price objective on Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating on the stock in a research report on Friday. HSBC raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating and boosted their price target for the company from $48.00 to $55.00 in a report on Friday. Melius Research started coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price target for the company. Wells Fargo & Company lowered their price objective on Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. raised their target price on Occidental Petroleum from $47.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $52.87.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $44.86 on Friday. The firm’s 50-day moving average is $45.63 and its 200-day moving average is $43.76. The company 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 debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. Occidental Petroleum has a 52-week low of $34.78 and a 52-week high of $56.49.

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, topping analysts’ consensus estimates 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 period last year, the business earned $1.03 earnings per share. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. Equities research analysts anticipate that Occidental Petroleum will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The company 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 dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum’s dividend payout ratio is 56.80%.

Institutional Trading of Occidental Petroleum

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

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.