Occidental Petroleum (NYSE:OXY) PT Lowered to $63.00 at Evercore ISI

Occidental Petroleum (NYSE:OXY) had its target price decreased by Evercore ISI from $67.00 to $63.00 in a report released on Monday morning, Benzinga reports. Evercore ISI currently has an underperform rating on the oil and gas producer’s stock.

Several other analysts have also recently commented on the stock. Stephens restated an overweight rating and set a $76.00 price target on shares of Occidental Petroleum in a report on Thursday, August 8th. Wolfe Research started coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They set an outperform rating and a $81.00 target price for the company. Mizuho dropped their price target on shares of Occidental Petroleum from $76.00 to $72.00 and set a neutral rating on the stock in a research note on Monday, September 16th. Susquehanna reduced their price objective on Occidental Petroleum from $81.00 to $78.00 and set a positive rating for the company in a research report on Wednesday, September 4th. Finally, Scotiabank lowered their target price on Occidental Petroleum from $90.00 to $80.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $68.25.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $53.45 on Monday. The company has a market cap of $48.41 billion, a P/E ratio of 14.60 and a beta of 1.58. The company’s fifty day moving average is $55.29 and its two-hundred day moving average is $60.72. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. Occidental Petroleum has a 12-month low of $49.75 and a 12-month high of $71.18.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The firm had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the prior year, the business earned $0.68 EPS. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities analysts expect that Occidental Petroleum will post 3.57 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.65%. Occidental Petroleum’s payout ratio is currently 24.04%.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Several large investors have recently made changes to their positions in the business. Investment Research & Advisory Group Inc. grew its holdings in Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 167 shares during the last quarter. LifeSteps Financial Inc. acquired a new position in Occidental Petroleum during the 1st quarter valued at $34,000. Able Wealth Management LLC acquired a new position in Occidental Petroleum during the 4th quarter valued at $38,000. New Covenant Trust Company N.A. bought a new stake in Occidental Petroleum in the 1st quarter valued at $44,000. Finally, LRI Investments LLC acquired a new stake in Occidental Petroleum in the 1st quarter worth $44,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.