Occidental Petroleum (NYSE:OXY) Raised to Overweight at Morgan Stanley

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Morgan Stanley upgraded shares of Occidental Petroleum (NYSE:OXY) from an equal weight rating to an overweight rating in a research note issued to investors on Monday morning, BenzingaRatingsTable reports. Morgan Stanley currently has $59.00 target price on the oil and gas producer’s stock, up from their prior target price of $51.00.

Several other equities analysts also recently commented on OXY. Edward Jones upgraded Occidental Petroleum from a sell rating to a hold rating in a research report on Wednesday, January 8th. Raymond James dropped their target price on Occidental Petroleum from $80.00 to $70.00 and set a strong-buy rating for the company in a research report on Thursday, October 17th. Bank of America set a $80.00 target price on Occidental Petroleum and gave the company a buy rating in a research report on Wednesday, September 18th. Mizuho upgraded Occidental Petroleum from a neutral rating to a buy rating and increased their target price for the company from $44.00 to $58.00 in a research report on Wednesday, January 8th. Finally, Wells Fargo & Co dropped their target price on Occidental Petroleum from to in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Occidental Petroleum has an average rating of Hold and a consensus target price of $56.93.

Occidental Petroleum stock opened at $47.26 on Monday. The company has a current ratio of 1.33, a quick ratio of 1.23 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $42.20 billion, a PE ratio of 9.43, a P/E/G ratio of 6.72 and a beta of 0.88. Occidental Petroleum has a 12 month low of $37.25 and a 12 month high of $68.83. The stock has a 50-day moving average price of $40.68 and a two-hundred day moving average price of $43.87.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Monday, November 4th. The oil and gas producer reported $0.11 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.30). The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.59 billion. Occidental Petroleum had a net margin of 6.34% and a return on equity of 9.98%. Occidental Petroleum’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.77 earnings per share. As a group, analysts predict that Occidental Petroleum will post 1.75 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th were given a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 6.69%. Occidental Petroleum’s dividend payout ratio (DPR) is 63.07%.

In other Occidental Petroleum news, Director William R. Klesse bought 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was acquired at an average price of $38.09 per share, with a total value of $228,540.00. Following the completion of the purchase, the director now directly owns 119,203 shares of the company’s stock, valued at approximately $4,540,442.27. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William R. Klesse bought 12,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were acquired at an average cost of $39.31 per share, with a total value of $471,720.00. Following the purchase, the director now directly owns 113,203 shares of the company’s stock, valued at $4,450,009.93. The disclosure for this purchase can be found here. Insiders have bought 35,900 shares of company stock valued at $1,393,129 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Griffin Asset Management Inc. grew its stake in Occidental Petroleum by 2.7% in the second quarter. Griffin Asset Management Inc. now owns 8,440 shares of the oil and gas producer’s stock valued at $424,000 after acquiring an additional 225 shares during the period. Liberty Wealth Management LLC grew its stake in Occidental Petroleum by 36.4% in the third quarter. Liberty Wealth Management LLC now owns 907 shares of the oil and gas producer’s stock valued at $40,000 after acquiring an additional 242 shares during the period. Ipswich Investment Management Co. Inc. grew its stake in Occidental Petroleum by 5.0% in the third quarter. Ipswich Investment Management Co. Inc. now owns 5,380 shares of the oil and gas producer’s stock valued at $239,000 after acquiring an additional 255 shares during the period. Truewealth LLC grew its stake in Occidental Petroleum by 52.4% in the third quarter. Truewealth LLC now owns 785 shares of the oil and gas producer’s stock valued at $35,000 after acquiring an additional 270 shares during the period. Finally, Strategic Investment Advisors MI grew its stake in Occidental Petroleum by 6.2% in the third quarter. Strategic Investment Advisors MI now owns 4,673 shares of the oil and gas producer’s stock valued at $208,000 after acquiring an additional 274 shares during the period. 78.53% of the stock is owned by institutional investors and hedge funds.

About Occidental Petroleum

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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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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