Morgan Stanley Raises Occidental Petroleum Corporation (OXY) Price Target to $66.00
Occidental Petroleum Corporation (NYSE:OXY) had its target price lifted by Morgan Stanley from $62.00 to $66.00 in a research note released on Wednesday. They currently have an equal weight rating on the oil and gas producer’s stock.
Several other equities analysts have also issued reports on OXY. Bank of America Corporation upped their price target on Occidental Petroleum Corporation from $70.00 to $76.00 and gave the company a buy rating in a research note on Friday, October 13th. BMO Capital Markets set a $60.00 price target on Occidental Petroleum Corporation and gave the company a hold rating in a research note on Tuesday, October 10th. Cowen and Company reaffirmed a buy rating and set a $80.00 price target on shares of Occidental Petroleum Corporation in a research note on Thursday, September 28th. Barclays PLC upped their price target on Occidental Petroleum Corporation from $38.00 to $40.00 and gave the company an underweight rating in a research note on Wednesday, October 11th. Finally, Jefferies Group LLC reaffirmed a hold rating and set a $64.00 price target on shares of Occidental Petroleum Corporation in a research note on Friday, June 23rd. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $65.73.
Shares of Occidental Petroleum Corporation (OXY) traded up 0.97% during midday trading on Wednesday, reaching $65.47. 4,522,973 shares of the company’s stock traded hands. The firm has a market capitalization of $50.06 billion, a P/E ratio of 461.06 and a beta of 0.67. The stock’s 50 day moving average price is $63.20 and its 200 day moving average price is $61.40. Occidental Petroleum Corporation has a 52-week low of $57.20 and a 52-week high of $75.50.
Occidental Petroleum Corporation (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Occidental Petroleum Corporation had a return on equity of 0.13% and a net margin of 0.91%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3 billion. During the same quarter in the prior year, the firm posted ($0.18) earnings per share. The firm’s revenue for the quarter was up 40.9% compared to the same quarter last year. On average, equities research analysts anticipate that Occidental Petroleum Corporation will post $0.67 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Monday, December 11th will be given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date of this dividend is Friday, December 8th. Occidental Petroleum Corporation’s dividend payout ratio is currently 2,369.23%.
In other Occidental Petroleum Corporation news, Director William R. Klesse purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were bought at an average price of $61.58 per share, with a total value of $615,800.00. Following the completion of the transaction, the director now directly owns 70,692 shares in the company, valued at approximately $4,353,213.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.32% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Grove Bank & Trust grew its holdings in shares of Occidental Petroleum Corporation by 54.8% during the second quarter. Grove Bank & Trust now owns 1,758 shares of the oil and gas producer’s stock worth $105,000 after buying an additional 622 shares in the last quarter. Oakworth Capital Inc. grew its holdings in shares of Occidental Petroleum Corporation by 14.7% during the second quarter. Oakworth Capital Inc. now owns 1,952 shares of the oil and gas producer’s stock worth $117,000 after buying an additional 250 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Occidental Petroleum Corporation by 15.6% during the first quarter. Parallel Advisors LLC now owns 1,961 shares of the oil and gas producer’s stock worth $118,000 after buying an additional 264 shares in the last quarter. FNY Partners Fund LP bought a new position in shares of Occidental Petroleum Corporation during the first quarter worth about $126,000. Finally, MV Capital Management Inc. grew its holdings in shares of Occidental Petroleum Corporation by 6.1% during the second quarter. MV Capital Management Inc. now owns 2,333 shares of the oil and gas producer’s stock worth $140,000 after buying an additional 134 shares in the last quarter. Institutional investors and hedge funds own 80.53% of the company’s stock.
About Occidental Petroleum Corporation
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), 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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