Occidental Petroleum (NYSE:OXY) Coverage Initiated at StockNews.com

kopsource · Mar 21, 2023 00:14

StockNews.com started coverage on shares of Occidental Petroleum (NYSE:OXY – Get Rating) in a research note released on Thursday. The brokerage issued a hold rating on the oil and gas producer's stock.

A number of other equities research analysts have also recently issued reports on OXY. Morgan Stanley lowered their price objective on Occidental Petroleum from $74.00 to $71.00 and set an equal weight rating on the stock in a research note on Tuesday, January 24th. Barclays lowered their price objective on Occidental Petroleum from $74.00 to $70.00 and set an overweight rating on the stock in a research note on Monday, January 23rd. The Goldman Sachs Group upgraded Occidental Petroleum from a neutral rating to a buy rating and set a $81.00 price target on the stock in a research report on Tuesday, February 14th. Evercore ISI cut Occidental Petroleum from an in-line rating to an underperform rating and decreased their price target for the company from $74.00 to $60.00 in a research report on Wednesday, February 22nd. Finally, Wells Fargo & Company decreased their price target on Occidental Petroleum from $67.00 to $63.00 and set an equal weight rating on the stock in a research report on Wednesday, March 1st. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $76.17.

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Occidental Petroleum Stock Performance

Shares of NYSE:OXY traded up $0.81 during midday trading on Thursday, reaching $59.29. The company had a trading volume of 6,757,507 shares, compared to its average volume of 13,543,389. The company's 50 day moving average price is $62.53 and its 200 day moving average price is $65.31. The company has a current ratio of 1.15, a quick ratio of 0.88 and a debt-to-equity ratio of 0.97. The stock has a market cap of $53.37 billion, a P/E ratio of 4.72, a P/E/G ratio of 0.43 and a beta of 1.77. Occidental Petroleum has a 52-week low of $51.53 and a 52-week high of $77.13.

Occidental Petroleum (NYSE:OXY – Get Rating) last announced its quarterly earnings data on Monday, February 27th. The oil and gas producer reported $1.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.83 by ($0.22). Occidental Petroleum had a net margin of 35.87% and a return on equity of 52.68%. The firm had revenue of $8.22 billion during the quarter, compared to the consensus estimate of $8.21 billion. During the same quarter in the prior year, the firm posted $1.48 earnings per share. The company's revenue was up 97.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Occidental Petroleum will post 6.19 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Friday, March 10th will be paid a $0.18 dividend. The ex-dividend date is Thursday, March 9th. This represents a $0.72 annualized dividend and a yield of 1.21%. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.13. Occidental Petroleum's dividend payout ratio is currently 5.82%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc bought 2,363,088 shares of the business's stock in a transaction on Friday, March 3rd. The stock was acquired at an average price of $60.85 per share, with a total value of $143,793,904.80. Following the completion of the purchase, the insider now directly owns 196,714,738 shares in the company, valued at $11,970,091,807.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders bought a total of 8,705,002 shares of company stock valued at $519,305,954 over the last quarter. 0.31% of the stock is owned by corporate insiders.

Institutional Trading of Occidental Petroleum

Several hedge funds and other institutional investors have recently bought and sold shares of OXY. DekaBank Deutsche Girozentrale boosted its stake in shares of Occidental Petroleum by 5.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 193,166 shares of the oil and gas producer's stock valued at $12,055,000 after purchasing an additional 9,134 shares during the period. IFM Investors Pty Ltd boosted its stake in shares of Occidental Petroleum by 1.8% during the third quarter. IFM Investors Pty Ltd now owns 160,060 shares of the oil and gas producer's stock valued at $9,836,000 after purchasing an additional 2,857 shares during the period. Ieq Capital LLC boosted its stake in shares of Occidental Petroleum by 102.2% during the third quarter. Ieq Capital LLC now owns 31,636 shares of the oil and gas producer's stock valued at $1,944,000 after purchasing an additional 15,992 shares during the period. Flow Traders U.S. LLC purchased a new stake in shares of Occidental Petroleum during the third quarter valued at approximately $718,000. Finally, Mackenzie Financial Corp boosted its stake in shares of Occidental Petroleum by 5.2% during the third quarter. Mackenzie Financial Corp now owns 50,096 shares of the oil and gas producer's stock valued at $3,078,000 after purchasing an additional 2,484 shares during the period. Hedge funds and other institutional investors own 78.45% of the company's stock.

Occidental Petroleum Company Profile

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Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following 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 and natural gas.