Industry News

Occidental Petroleum’s (OXY) “Buy” Rating Reaffirmed at Bank of America

By August 28, 2019 No Comments

Bank of America reissued their buy rating on shares of Occidental Petroleum (NYSE:OXY) in a research note released on Monday, AnalystRatings.com reports. Bank of America currently has a $80.00 price target on the oil and gas producer’s stock.

Several other research firms have also commented on OXY. JPMorgan Chase & Co. assumed coverage on shares of Occidental Petroleum in a research report on Tuesday, August 13th. They set an underweight rating and a $50.00 price target on the stock. Raymond James set a $80.00 price target on shares of Occidental Petroleum and gave the company a buy rating in a research report on Thursday, May 23rd. Wolfe Research lowered shares of Occidental Petroleum from an outperform rating to a peer perform rating and dropped their price target for the company from $85.00 to $65.00 in a research report on Monday, May 13th. Royal Bank of Canada raised their price target on shares of Occidental Petroleum to $76.00 in a research report on Tuesday, May 7th. Finally, Piper Jaffray Companies set a $59.00 price target on shares of Occidental Petroleum and gave the company a buy rating in a research report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company. Occidental Petroleum currently has a consensus rating of Hold and an average price target of $67.22.

OXY stock opened at $42.13 on Monday. The firm has a market cap of $33.45 billion, a PE ratio of 8.41, a P/E/G ratio of 2.69 and a beta of 0.82. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.00 and a current ratio of 1.20. The firm’s fifty day moving average is $48.58 and its 200 day moving average is $56.59. Occidental Petroleum has a one year low of $41.83 and a one year high of $83.35.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.06. The company had revenue of $4.48 billion for the quarter, compared to analyst estimates of $4.39 billion. Occidental Petroleum had a net margin of 19.65% and a return on equity of 17.06%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business earned $1.10 earnings per share. Research analysts predict that Occidental Petroleum will post 3.23 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a $0.79 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date is Monday, September 9th. This represents a $3.16 annualized dividend and a dividend yield of 7.50%. Occidental Petroleum’s dividend payout ratio (DPR) is 62.28%.

In related news, insider Vicki A. Hollub bought 37,460 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were acquired at an average price of $48.15 per share, for a total transaction of $1,803,699.00. Following the completion of the transaction, the insider now directly owns 248,326 shares in the company, valued at $11,956,896.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Avedick Baruyr Poladian bought 5,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was bought at an average price of $48.77 per share, for a total transaction of $243,850.00. Following the transaction, the director now owns 60,319 shares of the company’s stock, valued at $2,941,757.63. The disclosure for this purchase can be found here. In the last quarter, insiders bought 114,160 shares of company stock worth $5,459,226. Company insiders own 0.15% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Boston Partners purchased a new position in Occidental Petroleum during the second quarter worth about $1,679,000. Empire Life Investments Inc. raised its stake in Occidental Petroleum by 30.9% during the second quarter. Empire Life Investments Inc. now owns 382,943 shares of the oil and gas producer’s stock worth $19,254,000 after purchasing an additional 90,298 shares during the period. Global Wealth Management Investment Advisory Inc. raised its stake in Occidental Petroleum by 53.5% during the second quarter. Global Wealth Management Investment Advisory Inc. now owns 44,995 shares of the oil and gas producer’s stock worth $2,262,000 after purchasing an additional 15,677 shares during the period. Barings LLC raised its stake in Occidental Petroleum by 77.8% during the second quarter. Barings LLC now owns 90,091 shares of the oil and gas producer’s stock worth $4,530,000 after purchasing an additional 39,413 shares during the period. Finally, Griffin Asset Management Inc. raised its stake in Occidental Petroleum by 2.7% during the second quarter. Griffin Asset Management Inc. now owns 8,440 shares of the oil and gas producer’s stock worth $424,000 after purchasing an additional 225 shares during the period. Hedge funds and other institutional investors own 80.49% of the company’s stock.

Occidental Petroleum Company Profile

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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