Occidental Petroleum (NYSE:OXY) Receives New Coverage from Analysts at Bank of America

Bank of America initiated coverage on shares of Occidental Petroleum (NYSE:OXY) in a report issued on Thursday, MarketBeat Ratings reports. The firm issued a neutral rating and a $57.00 price objective on the oil and gas producer’s stock.

OXY has been the subject of a number of other reports. UBS Group dropped their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Evercore ISI reduced their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Saturday, October 5th. BMO Capital Markets dropped their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. Finally, Truist Financial decreased their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $65.78.

Occidental Petroleum Stock Up 0.9 %

OXY stock opened at $51.73 on Thursday. The company has a market cap of $45.87 billion, a price-to-earnings ratio of 14.13 and a beta of 1.57. The company has a 50 day moving average of $54.21 and a two-hundred day moving average of $59.96. 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 posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. Occidental Petroleum’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $0.68 EPS. On average, equities analysts anticipate that Occidental Petroleum will post 3.49 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th were paid a $0.22 dividend. The ex-dividend date was Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.70%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Himalaya Capital Management LLC bought a new position in shares of Occidental Petroleum during the second quarter worth $92,433,000. Clean Energy Transition LLP bought a new position in shares of Occidental Petroleum during the 1st quarter valued at about $67,601,000. Sarasin & Partners LLP purchased a new position in shares of Occidental Petroleum during the second quarter valued at about $63,880,000. Scharf Investments LLC bought a new stake in shares of Occidental Petroleum in the second quarter worth about $42,744,000. Finally, American Century Companies Inc. lifted its position in shares of Occidental Petroleum by 16.8% in the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after buying an additional 532,318 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

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, 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.