Morgan Stanley downgraded shares of Occidental Petroleum (NYSE:OXY) from an overweight rating to an equal weight rating in a research note published on Monday morning, Benzinga reports. The brokerage currently has $55.00 target price on the oil and gas producer’s stock, down from their previous target price of $69.00.
A number of other brokerages have also commented on OXY. KeyCorp decreased their price objective on shares of Occidental Petroleum from $75.00 to $70.00 and set an overweight rating on the stock in a report on Monday, April 22nd. Zacks Investment Research raised shares of Occidental Petroleum from a strong sell rating to a hold rating in a report on Tuesday, March 5th. Wells Fargo & Co lowered shares of Occidental Petroleum from an outperform rating to a market perform rating in a report on Monday, May 20th. Raymond James set a $80.00 price objective on shares of Occidental Petroleum and gave the stock a buy rating in a report on Thursday, May 23rd. Finally, Mizuho lowered shares of Occidental Petroleum from a buy rating to a neutral rating and decreased their price objective for the stock from $83.00 to $70.00 in a report on Monday, April 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $74.48.
Shares of NYSE:OXY opened at $50.42 on Monday. Occidental Petroleum has a 12 month low of $47.00 and a 12 month high of $86.60. The stock’s 50-day moving average is $51.47. The company has a current ratio of 1.23, a quick ratio of 1.03 and a debt-to-equity ratio of 0.50. The company has a market cap of $37.60 billion, a price-to-earnings ratio of 10.06, a P/E/G ratio of 2.63 and a beta of 0.86.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Sunday, May 5th. The oil and gas producer reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.12. Occidental Petroleum had a net margin of 21.17% and a return on equity of 17.70%. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the firm earned $0.92 EPS. The company’s revenue was up 6.9% on a year-over-year basis. As a group, analysts expect that Occidental Petroleum will post 3.8 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 6.19%. The ex-dividend date of this dividend is Friday, June 7th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 62.28%.
In other news, Director Avedick Baruyr Poladian purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average cost of $48.77 per share, for a total transaction of $243,850.00. Following the transaction, the director now directly owns 60,319 shares of the company’s stock, valued at approximately $2,941,757.63. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marcia E. Backus purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $48.09 per share, for a total transaction of $480,900.00. Following the completion of the transaction, the senior vice president now directly owns 101,248 shares in the company, valued at $4,869,016.32. The disclosure for this purchase can be found here. Insiders bought a total of 80,660 shares of company stock worth $3,893,851 in the last ninety days. Insiders own 0.15% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Weaver Consulting Group acquired a new stake in Occidental Petroleum during the 1st quarter worth approximately $69,000. Horizon Investments LLC raised its holdings in Occidental Petroleum by 11.0% during the 1st quarter. Horizon Investments LLC now owns 16,933 shares of the oil and gas producer’s stock worth $1,121,000 after buying an additional 1,672 shares during the period. Redwood Investment Management LLC acquired a new stake in Occidental Petroleum during the 1st quarter worth approximately $274,000. Allstate Corp raised its holdings in Occidental Petroleum by 114.5% during the 1st quarter. Allstate Corp now owns 34,795 shares of the oil and gas producer’s stock worth $2,303,000 after buying an additional 18,573 shares during the period. Finally, Trust Co. of Toledo NA OH raised its holdings in Occidental Petroleum by 33.2% during the 1st quarter. Trust Co. of Toledo NA OH now owns 4,713 shares of the oil and gas producer’s stock worth $312,000 after buying an additional 1,176 shares during the period. Institutional investors and hedge funds own 81.70% of the company’s stock.
Occidental Petroleum Company Profile
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, 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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