Occidental Petroleum (NYSE:OXY) Upgraded by HSBC to “Buy” Rating

HSBC upgraded shares of Occidental Petroleum (NYSE:OXY) from a hold rating to a buy rating in a report released on Friday morning, Marketbeat Ratings reports. They currently have $55.00 target price on the oil and gas producer’s stock, up from their previous target price of $48.00.

Several other equities analysts have also recently weighed in on OXY. Roth Capital lifted their price objective on Occidental Petroleum from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday. Wall Street Zen downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Morgan Stanley reiterated an “equal weight” rating and issued a $52.00 price target on shares of Occidental Petroleum in a report on Monday, August 18th. Mizuho dropped their price objective on shares of Occidental Petroleum from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Monday, September 15th. Finally, Melius Research assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $52.87.

Occidental Petroleum Trading Up 1.4%

Shares of NYSE OXY opened at $44.86 on Friday. Occidental Petroleum has a twelve month low of $34.78 and a twelve month high of $56.49. The stock has a market cap of $44.16 billion, a price-to-earnings ratio of 26.54 and a beta of 0.95. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The company’s fifty day moving average is $45.63 and its 200-day moving average is $43.82.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter last year, the business posted $1.03 EPS. The firm’s revenue was down 6.1% compared to the same quarter last year. Equities research analysts predict that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 56.80%.

Institutional Trading of Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. bought a new position in Occidental Petroleum in the second quarter valued at approximately $27,000. Grove Bank & Trust raised its stake in shares of Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 407 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Occidental Petroleum in the 1st quarter valued at approximately $39,000. Hantz Financial Services Inc. grew its stake in shares of Occidental Petroleum by 1,193.9% in the second quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer’s stock valued at $36,000 after buying an additional 788 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC increased its holdings in Occidental Petroleum by 371.7% during the second quarter. MeadowBrook Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 788 shares during the last quarter. Institutional investors own 88.70% 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, 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.