Traders purchased shares of Occidental Petroleum Co. (NYSE:OXY) on weakness during trading hours on Tuesday after KeyCorp downgraded the stock from an overweight rating to a sector weight rating. $163.94 million flowed into the stock on the tick-up and $104.99 million flowed out of the stock on the tick-down, for a money net flow of $58.95 million into the stock. Of all equities tracked, Occidental Petroleum had the 5th highest net in-flow for the day. Occidental Petroleum traded down ($0.69) for the day and closed at $62.36
Other research analysts also recently issued research reports about the company. Oppenheimer started coverage on Occidental Petroleum in a research note on Wednesday, March 27th. They set a “market perform” rating for the company. Zacks Investment Research raised Occidental Petroleum from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a research note on Tuesday, April 16th. ValuEngine downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Wednesday, April 10th. Citigroup downgraded Occidental Petroleum from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $80.00 to $72.00 in a research note on Tuesday, February 19th. Finally, Mizuho reaffirmed a “buy” rating and issued a $82.00 price objective on shares of Occidental Petroleum in a research note on Wednesday, February 13th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Occidental Petroleum presently has an average rating of “Hold” and an average target price of $82.67.
A number of hedge funds have recently made changes to their positions in the stock. Pwmco LLC boosted its holdings in Occidental Petroleum by 4.2% in the first quarter. Pwmco LLC now owns 179,500 shares of the oil and gas producer’s stock valued at $11,987,000 after acquiring an additional 7,250 shares during the last quarter. Field & Main Bank bought a new stake in Occidental Petroleum in the first quarter valued at approximately $79,000. Steinberg Global Asset Management boosted its holdings in Occidental Petroleum by 10.2% in the first quarter. Steinberg Global Asset Management now owns 74,418 shares of the oil and gas producer’s stock valued at $4,926,000 after acquiring an additional 6,882 shares during the last quarter. Mutual of Omaha Bank Wealth Management boosted its holdings in Occidental Petroleum by 23.5% in the first quarter. Mutual of Omaha Bank Wealth Management now owns 7,345 shares of the oil and gas producer’s stock valued at $486,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Bailard Inc. boosted its holdings in Occidental Petroleum by 4.0% in the first quarter. Bailard Inc. now owns 26,499 shares of the oil and gas producer’s stock valued at $1,754,000 after acquiring an additional 1,021 shares during the last quarter. Institutional investors and hedge funds own 84.34% of the company’s stock.
Occidental Petroleum (NYSE:OXY) last announced its earnings results on Tuesday, February 12th. The oil and gas producer reported $1.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.10. Occidental Petroleum had a return on equity of 18.17% and a net margin of 21.87%. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the prior year, the business posted $0.41 earnings per share. The firm’s revenue was up 33.8% on a year-over-year basis. Equities analysts expect that Occidental Petroleum Co. will post 3.62 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, March 11th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 5.03%. The ex-dividend date was Friday, March 8th. Occidental Petroleum’s payout ratio is presently 62.28%.
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About Occidental Petroleum (NYSE:OXY)
Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil & Gas, Chemical and Midstream & Marketing. The Oil & Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls.
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