Equities Analysts Set Expectations for Occidental Petroleum Co.’s FY2018 Earnings (OXY)
Occidental Petroleum Co. (NYSE:OXY) – Investment analysts at Capital One Financial lifted their FY2018 earnings per share (EPS) estimates for Occidental Petroleum in a research report issued on Wednesday, November 7th. Capital One Financial analyst R. Tullis now anticipates that the oil and gas producer will post earnings per share of $4.65 for the year, up from their prior forecast of $4.49.
A number of other analysts have also recently weighed in on OXY. Mizuho restated a “buy” rating on shares of Occidental Petroleum in a report on Tuesday, July 24th. ValuEngine cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. JPMorgan Chase & Co. lowered their price target on shares of Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Friday, August 10th. National Alliance Securities upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Monday, August 13th. Finally, Bank of America raised their price target on shares of Occidental Petroleum from $100.00 to $105.00 and gave the company a “buy” rating in a report on Friday, August 17th. Seven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Occidental Petroleum currently has a consensus rating of “Buy” and a consensus target price of $86.18.
Occidental Petroleum (NYSE:OXY) last issued its earnings results on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.51 by $0.26. Occidental Petroleum had a net margin of 22.19% and a return on equity of 15.43%. The company had revenue of $6.18 billion for the quarter, compared to analysts’ expectations of $4.60 billion. During the same period in the prior year, the business earned $0.18 EPS. The firm’s quarterly revenue was up 98.9% on a year-over-year basis.
Several institutional investors have recently made changes to their positions in the stock. King Luther Capital Management Corp raised its position in shares of Occidental Petroleum by 1.9% in the 3rd quarter. King Luther Capital Management Corp now owns 1,791,366 shares of the oil and gas producer’s stock valued at $147,197,000 after purchasing an additional 34,215 shares during the last quarter. WEALTHFRONT Corp raised its position in shares of Occidental Petroleum by 9.1% in the 3rd quarter. WEALTHFRONT Corp now owns 29,919 shares of the oil and gas producer’s stock valued at $2,458,000 after purchasing an additional 2,484 shares during the last quarter. First Republic Investment Management Inc. raised its position in shares of Occidental Petroleum by 0.5% in the 3rd quarter. First Republic Investment Management Inc. now owns 388,722 shares of the oil and gas producer’s stock valued at $31,941,000 after purchasing an additional 1,788 shares during the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Occidental Petroleum in the 3rd quarter valued at approximately $216,000. Finally, Woodmont Investment Counsel LLC raised its position in shares of Occidental Petroleum by 67.4% in the 3rd quarter. Woodmont Investment Counsel LLC now owns 39,689 shares of the oil and gas producer’s stock valued at $3,261,000 after purchasing an additional 15,984 shares during the last quarter. 82.00% of the stock is owned by hedge funds and other institutional investors.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 10th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 4.41%. The ex-dividend date is Friday, December 7th. Occidental Petroleum’s payout ratio is currently 350.56%.
About Occidental Petroleum
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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