Occidental Petroleum Co. (NYSE:OXY) – Investment analysts at Capital One Financial reduced their Q3 2020 earnings estimates for shares of Occidental Petroleum in a research report issued to clients and investors on Monday, June 29th. Capital One Financial analyst R. Tullis now expects that the oil and gas producer will post earnings of ($1.05) per share for the quarter, down from their prior estimate of ($1.04). Capital One Financial also issued estimates for Occidental Petroleum’s Q4 2020 earnings at ($1.00) EPS, FY2020 earnings at ($4.34) EPS and FY2021 earnings at ($3.94) EPS.
Several other research analysts have also commented on the company. Wells Fargo & Co lowered Occidental Petroleum from an “equal weight” rating to an “underweight” rating in a report on Thursday, March 19th. ValuEngine raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Friday, May 1st. MKM Partners assumed coverage on shares of Occidental Petroleum in a report on Wednesday, June 10th. They issued a “neutral” rating and a $20.00 price target on the stock. Scotiabank downgraded shares of Occidental Petroleum from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $25.00 to $16.00 in a report on Monday, June 1st. Finally, Wolfe Research lowered shares of Occidental Petroleum from a “market perform” rating to an “underperform” rating and set a $11.00 target price for the company. in a research report on Thursday, June 4th. Eight equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $21.88.
Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported ($0.52) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.63) by $0.11. The firm had revenue of $6.45 billion during the quarter, compared to the consensus estimate of $5.60 billion. Occidental Petroleum had a negative net margin of 13.85% and a positive return on equity of 1.24%. The business’s quarterly revenue was up 57.8% compared to the same quarter last year. During the same period last year, the firm earned $0.84 EPS.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.22%. Occidental Petroleum’s dividend payout ratio is presently 2.76%.
In other news, SVP Oscar K. Brown sold 30,000 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $14.85, for a total value of $445,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Oscar K. Brown sold 11,839 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $23.97, for a total value of $283,780.83. Following the transaction, the senior vice president now directly owns 46,839 shares in the company, valued at $1,122,730.83. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,905 shares of company stock worth $1,740,403. Corporate insiders own 0.21% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Mutual of America Capital Management LLC raised its holdings in shares of Occidental Petroleum by 0.3% during the fourth quarter. Mutual of America Capital Management LLC now owns 119,951 shares of the oil and gas producer’s stock valued at $4,943,000 after purchasing an additional 368 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in Occidental Petroleum by 6.9% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 5,806 shares of the oil and gas producer’s stock worth $239,000 after purchasing an additional 376 shares during the period. NorthRock Partners LLC raised its stake in Occidental Petroleum by 6.5% during the 4th quarter. NorthRock Partners LLC now owns 8,343 shares of the oil and gas producer’s stock valued at $350,000 after buying an additional 510 shares during the last quarter. Argent Trust Co boosted its stake in shares of Occidental Petroleum by 3.6% in the 4th quarter. Argent Trust Co now owns 19,843 shares of the oil and gas producer’s stock worth $818,000 after buying an additional 691 shares during the last quarter. Finally, Utah Retirement Systems grew its holdings in shares of Occidental Petroleum by 0.4% in the fourth quarter. Utah Retirement Systems now owns 170,866 shares of the oil and gas producer’s stock worth $7,041,000 after acquiring an additional 700 shares during the period. 76.17% of the stock is currently owned by hedge funds and other institutional investors.
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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