Occidental Petroleum (NYSE:OXY) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Occidental Petroleum (NYSE:OXYGet Rating) from a hold rating to a buy rating in a report published on Friday.

OXY has been the topic of several other research reports. Susquehanna lifted their price objective on shares of Occidental Petroleum from $71.00 to $73.00 in a research report on Thursday. Bank of America lowered shares of Occidental Petroleum from a buy rating to a neutral rating and lifted their price objective for the stock from $65.00 to $80.00 in a research report on Tuesday, March 8th. Stifel Nicolaus initiated coverage on shares of Occidental Petroleum in a research report on Tuesday, April 5th. They issued a buy rating and a $84.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of Occidental Petroleum from $51.00 to $58.00 in a research report on Thursday. Finally, Zacks Investment Research raised shares of Occidental Petroleum from a hold rating to a strong-buy rating and set a $46.00 price objective on the stock in a research report on Tuesday, February 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Buy and an average price target of $62.00.

Occidental Petroleum stock opened at $64.08 on Friday. Occidental Petroleum has a fifty-two week low of $21.62 and a fifty-two week high of $64.98. The stock has a market cap of $60.04 billion, a PE ratio of 9.75, a price-to-earnings-growth ratio of 0.20 and a beta of 1.94. The firm’s 50-day simple moving average is $58.25 and its 200 day simple moving average is $42.83. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.00 and a current ratio of 1.16.

Occidental Petroleum (NYSE:OXYGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The oil and gas producer reported $2.12 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.09. Occidental Petroleum had a net margin of 25.01% and a return on equity of 47.28%. The business had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the previous year, the company earned ($0.15) earnings per share. The firm’s revenue for the quarter was up 61.2% compared to the same quarter last year. As a group, analysts predict that Occidental Petroleum will post 9.33 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Friday, June 10th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date of this dividend is Thursday, June 9th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 7.91%.

In related news, major shareholder Berkshire Hathaway Inc purchased 185,419 shares of the business’s stock in a transaction on Thursday, May 12th. The stock was acquired at an average price of $57.34 per share, with a total value of $10,631,925.46. Following the purchase, the insider now directly owns 143,162,392 shares in the company, valued at $8,208,931,557.28. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Avedick Baruyr Poladian sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $57.23, for a total transaction of $1,144,600.00. The disclosure for this sale can be found here. Insiders have purchased a total of 6,783,083 shares of company stock worth $387,503,934 in the last ninety days. 0.31% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the company. BOKF NA purchased a new stake in shares of Occidental Petroleum in the 3rd quarter valued at $3,035,000. Mackay Shields LLC boosted its stake in shares of Occidental Petroleum by 2.4% in the 3rd quarter. Mackay Shields LLC now owns 135,417 shares of the oil and gas producer’s stock valued at $4,006,000 after purchasing an additional 3,189 shares in the last quarter. Maverick Capital Ltd. boosted its stake in shares of Occidental Petroleum by 1,551.4% in the 3rd quarter. Maverick Capital Ltd. now owns 68,170 shares of the oil and gas producer’s stock valued at $2,016,000 after purchasing an additional 64,042 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Occidental Petroleum by 3.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,154,947 shares of the oil and gas producer’s stock valued at $323,362,000 after purchasing an additional 421,344 shares in the last quarter. Finally, Kestra Advisory Services LLC boosted its stake in shares of Occidental Petroleum by 23.0% in the 4th quarter. Kestra Advisory Services LLC now owns 47,838 shares of the oil and gas producer’s stock valued at $1,387,000 after purchasing an additional 8,937 shares in the last quarter. 86.15% of the stock is owned by institutional investors.

About Occidental Petroleum (Get Rating)

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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