MKM Partners initiated coverage on shares of Occidental Petroleum (NYSE:OXY) in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. The firm issued a neutral rating and a $20.00 price target on the oil and gas producer’s stock.
Several other equities analysts also recently weighed in on OXY. Raymond James reaffirmed a buy rating on shares of Occidental Petroleum in a report on Tuesday. Scotiabank downgraded shares of Occidental Petroleum from a sector outperform rating to a sector perform rating and lowered their target price for the stock from $25.00 to $16.00 in a report on Monday, June 1st. raised shares of Occidental Petroleum from a neutral rating to a buy rating in a report on Tuesday. Mizuho downgraded shares of Occidental Petroleum from a buy rating to a neutral rating and set a $13.00 price target on the stock. in a research note on Friday, April 3rd. Finally, ValuEngine raised shares of Occidental Petroleum from a hold rating to a buy rating in a research note on Friday, May 1st. Eight investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $22.98.
NYSE:OXY traded down $2.70 during trading hours on Wednesday, hitting $18.06. 1,832,138 shares of the stock traded hands, compared to its average volume of 35,360,754. The company has a quick ratio of 1.06, a current ratio of 1.18 and a debt-to-equity ratio of 1.71. Occidental Petroleum has a 1 year low of $9.00 and a 1 year high of $54.05. The company has a market cap of $18.71 billion, a price-to-earnings ratio of -4.28 and a beta of 1.90. The stock has a 50 day moving average price of $15.08 and a 200 day moving average price of $28.22.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.11. Occidental Petroleum had a negative net margin of 13.85% and a positive return on equity of 1.24%. The business had revenue of $6.45 billion for the quarter, compared to the consensus estimate of $5.60 billion. During the same quarter in the previous year, the firm earned $0.84 earnings per share. The company’s revenue for the quarter was up 57.8% on a year-over-year basis. Equities analysts forecast that Occidental Petroleum will post -3.94 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.01 per share. The ex-dividend date is Friday, June 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.22%. Occidental Petroleum’s payout ratio is 217.93%.
In other news, Director William R. Klesse acquired 20,000 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were bought at an average price of $11.81 per share, for a total transaction of $236,200.00. Following the acquisition, the director now owns 149,203 shares of the company’s stock, valued at approximately $1,762,087.43. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Oscar K. Brown sold 11,839 shares of the firm’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 completion of the transaction, the senior vice president now owns 46,839 shares in the company, valued at approximately $1,122,730.83. The disclosure for this sale can be found here. Insiders sold a total of 93,905 shares of company stock worth $1,740,403 in the last three months. 0.21% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the business. PagnatoKarp Partners LLC lifted its holdings in Occidental Petroleum by 2.8% in the 4th quarter. PagnatoKarp Partners LLC now owns 10,407 shares of the oil and gas producer’s stock valued at $437,000 after purchasing an additional 285 shares in the last quarter. Aviance Capital Partners LLC raised its holdings in shares of Occidental Petroleum by 2.8% during the 4th quarter. Aviance Capital Partners LLC now owns 11,709 shares of the oil and gas producer’s stock worth $483,000 after acquiring an additional 322 shares during the period. Miracle Mile Advisors LLC raised its holdings in shares of Occidental Petroleum by 3.0% during the 4th quarter. Miracle Mile Advisors LLC now owns 11,823 shares of the oil and gas producer’s stock worth $487,000 after acquiring an additional 341 shares during the period. Mutual of America Capital Management LLC raised its holdings in shares of Occidental Petroleum by 0.3% during the 4th quarter. Mutual of America Capital Management LLC now owns 119,951 shares of the oil and gas producer’s stock worth $4,943,000 after acquiring an additional 368 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Occidental Petroleum by 6.9% during 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 acquiring an additional 376 shares during the period. Institutional investors own 76.17% of the company’s stock.
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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