Zacks Investment Research Lowers Occidental Petroleum Corporation (OXY) to Sell
Occidental Petroleum Corporation (NYSE:OXY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, July 11th.
According to Zacks, “Loss in Occidental Petroleum’ share price was wider than the broader industry’s loss in last one year. Occidental Petroleum like other oil and natural gas companies faces the risks of cost overruns and development interruptions due to delays in drilling and other approvals, property or border disputes, and equipment failures. The recent weakness in oil prices could jeopardize Occidental Petroleum’s plan to gain by producing more oil from the Permian Resources. Nonetheless, Occidental Petroleum is a stable cash flow generator. The company has plans to sell its low-margin assets and focus on higher-quality assets.”
Several other research firms also recently weighed in on OXY. Jefferies Group LLC reissued a “hold” rating and issued a $73.00 target price on shares of Occidental Petroleum Corporation in a research report on Friday, March 31st. Bank of America Corporation raised shares of Occidental Petroleum Corporation from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 15th. Credit Suisse Group raised shares of Occidental Petroleum Corporation from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $70.00 to $79.00 in a research report on Tuesday, March 14th. They noted that the move was a valuation call. Scotiabank set a $68.00 price target on shares of Occidental Petroleum Corporation and gave the stock a “hold” rating in a report on Monday, March 27th. Finally, Mizuho restated a “neutral” rating and set a $67.00 price target on shares of Occidental Petroleum Corporation in a report on Tuesday, March 28th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. Occidental Petroleum Corporation currently has an average rating of “Hold” and a consensus target price of $66.38.
Shares of Occidental Petroleum Corporation (OXY) opened at 62.09 on Tuesday. The firm has a market capitalization of $47.70 billion, a P/E ratio of 428.21 and a beta of 0.65. The firm’s 50-day moving average price is $60.32 and its 200 day moving average price is $62.88. Occidental Petroleum Corporation has a 12 month low of $57.20 and a 12 month high of $78.48.
Occidental Petroleum Corporation (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3 billion. Occidental Petroleum Corporation had a net margin of 0.91% and a return on equity of 0.13%. The business’s revenue was up 40.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.18) EPS. Analysts anticipate that Occidental Petroleum Corporation will post $0.61 earnings per share for the current fiscal year.
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In other Occidental Petroleum Corporation news, Director Stephen I. Chazen sold 4,000 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $60.53, for a total value of $242,120.00. Following the sale, the director now owns 1,460,619 shares of the company’s stock, valued at approximately $88,411,268.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Cedric W. Burgher purchased 1,700 shares of the stock in a transaction on Wednesday, June 7th. The stock was acquired at an average cost of $59.85 per share, for a total transaction of $101,745.00. Following the acquisition, the chief financial officer now directly owns 44,124 shares in the company, valued at $2,640,821.40. The disclosure for this purchase can be found here. Insiders own 0.32% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Pittenger & Anderson Inc. raised its stake in shares of Occidental Petroleum Corporation by 394.6% in the fourth quarter. Pittenger & Anderson Inc. now owns 19,415 shares of the oil and gas producer’s stock valued at $1,383,000 after buying an additional 15,490 shares during the period. IFM Investors Pty Ltd purchased a new stake in shares of Occidental Petroleum Corporation during the fourth quarter valued at approximately $696,000. Archford Capital Strategies LLC increased its stake in shares of Occidental Petroleum Corporation by 10.4% in the fourth quarter. Archford Capital Strategies LLC now owns 7,964 shares of the oil and gas producer’s stock valued at $566,000 after buying an additional 753 shares in the last quarter. Independent Advisor Alliance purchased a new stake in shares of Occidental Petroleum Corporation during the fourth quarter valued at approximately $686,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in shares of Occidental Petroleum Corporation during the fourth quarter valued at approximately $105,914,000. 81.23% of the stock is currently owned by hedge funds and other institutional investors.
Occidental Petroleum Corporation Company Profile
Occidental Petroleum Corporation (Occidental) 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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