Traders Buy Occidental Petroleum (OXY) on Weakness Following Analyst Downgrade

Share on StockTwits

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.

The firm has a market cap of $46.78 billion, a P/E ratio of 12.38, a P/E/G ratio of 1.17 and a beta of 0.83. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.34 and a quick ratio of 1.17.

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%.

ILLEGAL ACTIVITY WARNING: This article was first published by Ticker Report and is owned by of Ticker Report. If you are reading this article on another website, it was illegally stolen and reposted in violation of international trademark & copyright laws. The legal version of this article can be accessed at https://www.tickerreport.com/banking-finance/4315553/traders-buy-occidental-petroleum-oxy-on-weakness-following-analyst-downgrade.html.

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.

Further Reading: What is a balanced fund?

Receive News & Ratings for Occidental Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Occidental Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.



Latest News

Insider Buying: Century Bancorp, Inc.  Major Shareholder Purchases 200 Shares of Stock
Insider Buying: Century Bancorp, Inc. Major Shareholder Purchases 200 Shares of Stock
salesforce.com, inc.  Director John Victor Roos Sells 113 Shares
salesforce.com, inc. Director John Victor Roos Sells 113 Shares
Century Bancorp, Inc.  Major Shareholder Acquires $17,300.00 in Stock
Century Bancorp, Inc. Major Shareholder Acquires $17,300.00 in Stock
Samuel Gazal Buys 1,750,000 Shares of K2 Energy Limited  Stock
Samuel Gazal Buys 1,750,000 Shares of K2 Energy Limited Stock
Gordon R. Bernard Sells 2,050 Shares of Cumberland Pharmaceuticals, Inc.  Stock
Gordon R. Bernard Sells 2,050 Shares of Cumberland Pharmaceuticals, Inc. Stock
Cumberland Pharmaceuticals, Inc.  Director Gordon R. Bernard Sells 1,859 Shares
Cumberland Pharmaceuticals, Inc. Director Gordon R. Bernard Sells 1,859 Shares


© 2006-2019 Ticker Report