Occidental Petroleum Corporation (OXY) Stock Rating Upgraded by Zacks Investment Research
Occidental Petroleum Corporation (NYSE:OXY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Year to date loss of Occidental Petroleum is narrower than the industry it belongs to. Occidental will benefit by producing more oil from the Permian Resources and concentrating on high margin production region. The company generates stable cash flow and its Chemical plant will further improve its cash flow. However, the recent weakness in oil prices could jeopardize Occidental‘s plans to achieve cash flow breakeven. Occidental, 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 company also had to shut down operation in Texas to ward off the impact of Hurricane Harvey that will adversely impact its earnings.”
A number of other research analysts have also weighed in on OXY. BMO Capital Markets reissued a “hold” rating and issued a $65.00 price objective on shares of Occidental Petroleum Corporation in a report on Thursday, June 22nd. Jefferies Group LLC reissued a “hold” rating and issued a $64.00 price objective on shares of Occidental Petroleum Corporation in a report on Friday, June 23rd. Barclays PLC set a $38.00 price objective on Occidental Petroleum Corporation and gave the company a “sell” rating in a report on Friday, August 4th. Cowen and Company reissued a “buy” rating and issued a $75.00 price objective on shares of Occidental Petroleum Corporation in a report on Tuesday, August 22nd. Finally, Scotiabank reissued a “hold” rating and issued a $60.00 price objective on shares of Occidental Petroleum Corporation in a report on Friday, June 30th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $65.14.
Occidental Petroleum Corporation (NYSE:OXY) opened at 61.55 on Tuesday. The stock has a market capitalization of $47.06 billion, a PE ratio of 433.45 and a beta of 0.66. The firm has a 50-day moving average price of $60.61 and a 200 day moving average price of $61.38. Occidental Petroleum Corporation has a 12 month low of $57.20 and a 12 month high of $75.60.
Occidental Petroleum Corporation (NYSE:OXY) last announced its earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. Occidental Petroleum Corporation had a return on equity of 0.13% and a net margin of 0.91%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3 billion. During the same period in the prior year, the company posted ($0.18) EPS. The firm’s quarterly revenue was up 40.9% compared to the same quarter last year. Equities analysts anticipate that Occidental Petroleum Corporation will post $0.67 earnings per share for the current year.
In other Occidental Petroleum Corporation news, Director William R. Klesse purchased 10,000 shares of the stock in a transaction on Wednesday, August 9th. The shares were bought at an average price of $61.58 per share, for a total transaction of $615,800.00. Following the completion of the transaction, the director now owns 70,692 shares of the company’s stock, valued at approximately $4,353,213.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.32% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of OXY. Oxbow Advisors LLC boosted its position in Occidental Petroleum Corporation by 2.5% during the first quarter. Oxbow Advisors LLC now owns 16,781 shares of the oil and gas producer’s stock worth $1,063,000 after purchasing an additional 406 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Occidental Petroleum Corporation by 17,871.9% during the first quarter. Canada Pension Plan Investment Board now owns 55,713 shares of the oil and gas producer’s stock worth $3,530,000 after purchasing an additional 55,403 shares in the last quarter. Brookstone Capital Management boosted its position in Occidental Petroleum Corporation by 26.1% during the first quarter. Brookstone Capital Management now owns 95,337 shares of the oil and gas producer’s stock worth $6,041,000 after purchasing an additional 19,726 shares in the last quarter. Tocqueville Asset Management L.P. boosted its position in Occidental Petroleum Corporation by 45.6% during the first quarter. Tocqueville Asset Management L.P. now owns 374,961 shares of the oil and gas producer’s stock worth $23,758,000 after purchasing an additional 117,495 shares in the last quarter. Finally, Quadrant Capital Management LLC boosted its position in Occidental Petroleum Corporation by 2.0% during the first quarter. Quadrant Capital Management LLC now owns 19,804 shares of the oil and gas producer’s stock worth $1,255,000 after purchasing an additional 390 shares in the last quarter. Institutional investors own 80.85% of the company’s stock.
About Occidental Petroleum Corporation
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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