Traders Buy Occidental Petroleum (OXY) on Weakness After Analyst Downgrade
Investors purchased shares of Occidental Petroleum Co. (NYSE:OXY) on weakness during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $94.00 to $90.00. $115.60 million flowed into the stock on the tick-up and $58.20 million flowed out of the stock on the tick-down, for a money net flow of $57.40 million into the stock. Of all equities tracked, Occidental Petroleum had the 19th highest net in-flow for the day. Occidental Petroleum traded down ($0.64) for the day and closed at $78.14
Several other research analysts have also recently commented on OXY. TheStreet upgraded shares of Occidental Petroleum from a “c+” rating to a “b” rating in a report on Tuesday, May 8th. Zacks Investment Research upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Monday, May 14th. ValuEngine cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Mizuho assumed coverage on shares of Occidental Petroleum in a report on Friday, June 8th. They set a “buy” rating and a $102.00 price target for the company. Finally, Credit Suisse Group boosted their price target on shares of Occidental Petroleum from $76.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, May 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Occidental Petroleum has a consensus rating of “Buy” and a consensus price target of $83.27.
Several large investors have recently modified their holdings of the company. Boulegeris Investments Inc. lifted its position in shares of Occidental Petroleum by 12.3% during the 2nd quarter. Boulegeris Investments Inc. now owns 23,925 shares of the oil and gas producer’s stock worth $2,002,000 after buying an additional 2,615 shares during the last quarter. Captrust Financial Advisors lifted its position in shares of Occidental Petroleum by 313.8% during the 2nd quarter. Captrust Financial Advisors now owns 14,116 shares of the oil and gas producer’s stock worth $1,192,000 after buying an additional 10,705 shares during the last quarter. Korea Investment CORP lifted its position in shares of Occidental Petroleum by 123.6% during the 2nd quarter. Korea Investment CORP now owns 613,300 shares of the oil and gas producer’s stock worth $51,321,000 after buying an additional 339,066 shares during the last quarter. Commonwealth Bank of Australia lifted its position in shares of Occidental Petroleum by 0.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 102,614 shares of the oil and gas producer’s stock worth $8,503,000 after buying an additional 800 shares during the last quarter. Finally, Precocity Capital LP purchased a new stake in shares of Occidental Petroleum during the 2nd quarter worth approximately $7,113,000. Institutional investors and hedge funds own 80.55% of the company’s stock.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 8th. The oil and gas producer reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.11). The company had revenue of $4.13 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.15 EPS. analysts forecast that Occidental Petroleum Co. will post 4.88 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, September 10th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Friday, September 7th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.77. Occidental Petroleum’s payout ratio is currently 346.07%.
Occidental Petroleum Company Profile (NYSE:OXY)
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, 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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