Occidental Petroleum (NYSE:OXY) Issues Earnings Results, Beats Estimates By $0.01 EPS

Occidental Petroleum (NYSE:OXY) announced its quarterly earnings results on Tuesday. The oil and gas producer reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01, Briefing.com reports. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.70 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The company’s revenue for the quarter was down 17.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.09 earnings per share.

Occidental Petroleum Price Performance

Shares of NYSE OXY traded up $0.05 during trading hours on Tuesday, reaching $65.07. 6,156,668 shares of the stock traded hands, compared to its average volume of 8,472,645. The company has a market capitalization of $57.68 billion, a P/E ratio of 16.66 and a beta of 1.64. Occidental Petroleum has a 52-week low of $55.12 and a 52-week high of $71.18. The company’s 50-day simple moving average is $64.89 and its two-hundred day simple moving average is $61.34. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.35%. The ex-dividend date is Friday, June 7th. Occidental Petroleum’s dividend payout ratio is 22.51%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on OXY shares. Truist Financial lifted their target price on Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Susquehanna increased their price target on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a report on Monday, April 22nd. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. HSBC started coverage on Occidental Petroleum in a research note on Monday, April 8th. They issued a “hold” rating and a $65.00 price target for the company. Finally, Morgan Stanley increased their target price on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Nine analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $71.94.

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, 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.