Mizuho Cuts Occidental Petroleum (NYSE:OXY) Price Target to $58.00

Occidental Petroleum (NYSE:OXY) had its price target cut by Mizuho from $65.00 to $58.00 in a report released on Monday,MarketScreener reports. They currently have a neutral rating on the oil and gas producer’s stock.

Several other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on Occidental Petroleum from $47.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 15th. Melius Research started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price target on the stock. Wells Fargo & Company dropped their price objective on Occidental Petroleum from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 15th. UBS Group raised their target price on Occidental Petroleum from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Monday. Finally, Wall Street Zen lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Four investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $54.70.

Occidental Petroleum Stock Down 1.2%

OXY stock opened at $47.20 on Monday. The stock has a market capitalization of $46.47 billion, a PE ratio of 27.93 and a beta of 1.04. The company has a fifty day moving average of $45.05 and a 200-day moving average of $43.81. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. Occidental Petroleum has a one year low of $34.78 and a one year high of $56.49.

Occidental Petroleum (NYSE:OXY) last issued its quarterly 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. The business had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The business’s revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.03 earnings per share. As a group, analysts expect that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum’s payout ratio is 56.80%.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $27,000. Bernard Wealth Management Corp. purchased a new stake in Occidental Petroleum in the 4th quarter valued at approximately $32,000. Grove Bank & Trust grew its holdings in Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock valued at $36,000 after buying an additional 407 shares during the last quarter. Hantz Financial Services Inc. increased its position in Occidental Petroleum by 1,193.9% during the second quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer’s stock worth $36,000 after buying an additional 788 shares in the last quarter. Finally, American National Bank & Trust acquired a new position in shares of Occidental Petroleum in the first quarter worth $39,000. Institutional investors and hedge funds own 88.70% 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, 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.