Mizuho Initiates Coverage on Occidental Petroleum Corp. (OXY)
Stock analysts at Mizuho assumed coverage on shares of Occidental Petroleum Corp. (NYSE:OXY) in a research report issued to clients and investors on Wednesday. The firm set a “buy” rating and a $83.00 price target on the stock. Mizuho’s price target indicates a potential upside of 12.86% from the company’s previous close.
Several other equities analysts have also issued reports on the company. Credit Agricole SA reaffirmed a “buy” rating on shares of Occidental Petroleum Corp. in a report on Tuesday, August 16th. JPMorgan Chase & Co. lowered Occidental Petroleum Corp. from a “neutral” rating to an “underweight” rating and increased their price objective for the company from $76.11 to $78.00 in a report on Monday, September 12th. They noted that the move was a valuation call. Barclays PLC increased their price objective on Occidental Petroleum Corp. from $60.00 to $61.00 and gave the company an “underweight” rating in a report on Thursday, July 14th. Raymond James Financial Inc. lowered Occidental Petroleum Corp. from a “strong-buy” rating to an “outperform” rating and set a $85.00 price objective for the company. in a report on Thursday, July 7th. Finally, Jefferies Group reissued a “hold” rating on shares of Occidental Petroleum Corp. in a report on Thursday, September 8th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. Occidental Petroleum Corp. presently has an average rating of “Hold” and a consensus target price of $76.06.
Occidental Petroleum Corp. (NYSE:OXY) opened at 73.54 on Wednesday. The firm’s market cap is $56.18 billion. Occidental Petroleum Corp. has a 12-month low of $58.24 and a 12-month high of $78.48. The stock’s 50 day moving average price is $74.30 and its 200-day moving average price is $74.40.
Occidental Petroleum Corp. (NYSE:OXY) last released its earnings results on Wednesday, August 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.18). The company earned $2.53 billion during the quarter, compared to analyst estimates of $2.73 billion. Occidental Petroleum Corp. had a negative return on equity of 2.64% and a negative net margin of 71.82%. Occidental Petroleum Corp.’s quarterly revenue was down 27.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.21 earnings per share. Equities research analysts anticipate that Occidental Petroleum Corp. will post ($0.71) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Investors of record on Friday, December 9th will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.13%. Occidental Petroleum Corp.’s dividend payout ratio (DPR) is presently -29.57%.
In other Occidental Petroleum Corp. news, Director Stephen I. Chazen sold 9,000 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $74.21, for a total transaction of $667,890.00. Following the sale, the director now owns 1,729,119 shares in the company, valued at $128,317,920.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen I. Chazen sold 5,000 shares of the firm’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $76.24, for a total value of $381,200.00. Following the sale, the director now owns 1,750,119 shares in the company, valued at approximately $133,429,072.56. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Kistler Tiffany Companies LLC increased its stake in Occidental Petroleum Corp. by 1.4% in the second quarter. Kistler Tiffany Companies LLC now owns 1,346 shares of the company’s stock worth $102,000 after buying an additional 19 shares during the last quarter. First New York Securities LLC NY purchased a new stake in Occidental Petroleum Corp. during the second quarter worth $110,000. LSV Asset Management purchased a new stake in Occidental Petroleum Corp. during the second quarter worth $111,000. Oakworth Capital Inc. increased its stake in Occidental Petroleum Corp. by 7.0% in the second quarter. Oakworth Capital Inc. now owns 1,521 shares of the company’s stock worth $115,000 after buying an additional 100 shares during the last quarter. Finally, SevenBridge Financial Group LLC purchased a new stake in Occidental Petroleum Corp. during the second quarter worth $121,000. Institutional investors and hedge funds own 80.80% of the company’s stock.
Occidental Petroleum Corp. Company Profile
Occidental Petroleum Corporation is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), 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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