Zacks Investment Research cut shares of Occidental Petroleum Corporation (NYSE:OXY) from a hold rating to a sell rating in a research report report published on Wednesday morning.
According to Zacks, “In last three months Occidental Petroleum’s shares lost more than the Zacks categorized broader industry. The recent weakness in oil prices could jeopardize Occidental Petroleum’s plan to gain by producing more oil from the Permian Resources. The highly competitive oil and gas space, operational interruptions and stringent environmental regulations are headwinds. However, Occidental has plans to sell its low-margin assets and focus on higher-quality assets. Its systematic capital spending program and focus in areas like Permian Resources having high oil content could boost its performance in the long term.”
Several other equities analysts have also recently commented on OXY. Evercore ISI cut shares of Occidental Petroleum Corporation to a buy rating in a report on Friday, March 3rd. Credit Suisse Group upgraded shares of Occidental Petroleum Corporation from a neutral rating to an outperform rating and boosted their price target for the company from $70.00 to $79.00 in a report on Tuesday, March 14th. They noted that the move was a valuation call. Bank of America Corporation upgraded shares of Occidental Petroleum Corporation from a neutral rating to a buy rating in a report on Wednesday, March 15th. Mizuho restated a neutral rating and set a $67.00 price target on shares of Occidental Petroleum Corporation in a report on Tuesday, March 28th. Finally, Scotiabank set a $68.00 price target on shares of Occidental Petroleum Corporation and gave the company a hold rating in a report on Monday, March 27th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $72.11.
Occidental Petroleum Corporation (OXY) opened at 62.03 on Wednesday. The company has a 50 day moving average price of $60.52 and a 200 day moving average price of $65.22. Occidental Petroleum Corporation has a 12 month low of $57.20 and a 12 month high of $78.48. The stock’s market capitalization is $47.43 billion.
Occidental Petroleum Corporation (NYSE:OXY) last posted its quarterly earnings results on Thursday, May 4th. The oil and gas producer reported $0.15 EPS for the quarter, beating the consensus estimate of $0.14 by $0.01. Occidental Petroleum Corporation had a negative net margin of 4.82% and a negative return on equity of 1.04%. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same period in the previous year, the company posted ($0.47) EPS. Occidental Petroleum Corporation’s revenue was up 30.6% on a year-over-year basis. Equities research analysts predict that Occidental Petroleum Corporation will post $0.98 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 9th will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date of this dividend is Wednesday, June 7th. Occidental Petroleum Corporation’s dividend payout ratio is presently -428.17%.
In other Occidental Petroleum Corporation news, Director Stephen I. Chazen sold 4,000 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $60.53, for a total transaction of $242,120.00. Following the completion of the transaction, the director now owns 1,460,619 shares of the company’s stock, valued at approximately $88,411,268.07. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Cedric W. Burgher bought 1,700 shares of the business’s stock in a transaction on Wednesday, June 7th. The shares were purchased at an average cost of $59.85 per share, with a total value of $101,745.00. Following the transaction, the chief financial officer now owns 44,124 shares in the company, valued at $2,640,821.40. The disclosure for this purchase can be found here. Insiders sold 32,000 shares of company stock valued at $1,999,000 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Occidental Petroleum Corporation during the first quarter worth $102,000. Parallel Advisors LLC raised its position in Occidental Petroleum Corporation by 15.6% in the first quarter. Parallel Advisors LLC now owns 1,961 shares of the oil and gas producer’s stock worth $118,000 after buying an additional 264 shares in the last quarter. Mosaic Family Wealth LLC raised its position in Occidental Petroleum Corporation by 4.0% in the first quarter. Mosaic Family Wealth LLC now owns 1,887 shares of the oil and gas producer’s stock worth $120,000 after buying an additional 72 shares in the last quarter. FNY Partners Fund LP purchased a new position in Occidental Petroleum Corporation during the first quarter worth $126,000. Finally, Advantage Investment Management LLC purchased a new position in Occidental Petroleum Corporation during the fourth quarter worth $139,000. 81.54% of the stock is owned by hedge funds and other institutional investors.
Occidental Petroleum Corporation 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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