Occidental Petroleum (NYSE:OXY – Free Report) had its price objective lifted by Scotiabank from $45.00 to $47.00 in a report released on Thursday morning,Benzinga reports. They currently have a sector perform rating on the oil and gas producer’s stock.
Several other brokerages also recently weighed in on OXY. Melius Research initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They set a “hold” rating and a $64.00 price objective for the company. Bank of America lifted their target price on shares of Occidental Petroleum from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, October 6th. Evercore ISI cut their target price on shares of Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating on the stock in a report on Friday, October 3rd. Melius initiated coverage on shares of Occidental Petroleum in a report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 target price on the stock. Finally, Roth Capital lifted their target price on shares of Occidental Petroleum from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $52.52.
Check Out Our Latest Stock Report on Occidental Petroleum
Occidental Petroleum Stock Down 5.2%
Occidental Petroleum (NYSE:OXY – Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.03 EPS. On average, equities analysts predict that Occidental Petroleum will post 3.58 EPS for the current fiscal year.
Occidental Petroleum Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum’s payout ratio is currently 56.80%.
Hedge Funds Weigh In On Occidental Petroleum
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Occidental Petroleum by 10.3% in the 2nd quarter. Vanguard Group Inc. now owns 88,504,019 shares of the oil and gas producer’s stock valued at $3,718,054,000 after buying an additional 8,273,030 shares during the period. State Street Corp grew its stake in shares of Occidental Petroleum by 1.6% during the 2nd quarter. State Street Corp now owns 39,044,478 shares of the oil and gas producer’s stock worth $1,649,147,000 after purchasing an additional 615,566 shares during the period. Geode Capital Management LLC grew its stake in shares of Occidental Petroleum by 22.0% during the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock worth $756,796,000 after purchasing an additional 3,267,269 shares during the period. H&H International Investment LLC grew its stake in shares of Occidental Petroleum by 1.8% during the 1st quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer’s stock worth $682,456,000 after purchasing an additional 249,100 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Occidental Petroleum by 9.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer’s stock worth $401,162,000 after purchasing an additional 710,220 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.
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.
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