Morgan Stanley reiterated their equal weight rating on shares of Occidental Petroleum (NYSE:OXY – Free Report) in a report published on Monday, Marketbeat Ratings reports. Morgan Stanley currently has a $52.00 price objective on the oil and gas producer’s stock.
A number of other analysts have also recently issued reports on OXY. Wells Fargo & Company lowered their target price on Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 15th. Scotiabank raised their price target on shares of Occidental Petroleum from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Friday, July 11th. Wall Street Zen cut shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Susquehanna decreased their price target on shares of Occidental Petroleum from $59.00 to $55.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Finally, Mizuho decreased their price target on shares of Occidental Petroleum from $60.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Occidental Petroleum has an average rating of “Hold” and an average target price of $53.43.
Check Out Our Latest Report on OXY
Occidental Petroleum Price Performance
Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%. The business had revenue of $6.41 billion during the quarter, compared to analysts’ expectations of $6.29 billion. During the same period in the prior year, the business earned $1.03 EPS. Occidental Petroleum’s revenue for the quarter was down 6.1% compared to the same quarter last year. Analysts anticipate that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.
Occidental Petroleum Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum’s payout ratio is currently 56.80%.
Hedge Funds Weigh In On Occidental Petroleum
Institutional investors and hedge funds have recently modified their holdings of the stock. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Occidental Petroleum in the first quarter valued at $1,274,000. Kestra Private Wealth Services LLC lifted its holdings in shares of Occidental Petroleum by 5.6% during the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer’s stock worth $843,000 after buying an additional 906 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Occidental Petroleum by 9.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer’s stock worth $78,813,000 after buying an additional 140,528 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Occidental Petroleum by 7.5% during the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock worth $349,085,000 after buying an additional 491,797 shares in the last quarter. Finally, swisspartners Advisors Ltd acquired a new stake in shares of Occidental Petroleum during the first quarter worth $6,006,000. 88.70% of the stock is currently 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, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
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