Occidental Petroleum Co. Forecasted to Post Q3 2018 Earnings of $1.50 Per Share (OXY)
Occidental Petroleum Co. (NYSE:OXY) – Research analysts at Mitsubishi UFJ Financial Group upped their Q3 2018 earnings per share estimates for shares of Occidental Petroleum in a research note issued on Thursday, October 11th. Mitsubishi UFJ Financial Group analyst M. Mcallister now forecasts that the oil and gas producer will earn $1.50 per share for the quarter, up from their previous estimate of $1.34. Mitsubishi UFJ Financial Group currently has a “Neutral” rating and a $92.00 target price on the stock.
A number of other research analysts also recently commented on OXY. Morgan Stanley initiated coverage on Occidental Petroleum in a report on Thursday, July 12th. They issued an “overweight” rating and a $100.00 price objective on the stock. Mizuho reiterated a “buy” rating on shares of Occidental Petroleum in a report on Tuesday, July 24th. ValuEngine downgraded Occidental Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. JPMorgan Chase & Co. dropped their price objective on Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Friday, August 10th. Finally, National Alliance Securities upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Monday, August 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $84.06.
Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 8th. The oil and gas producer reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.11). Occidental Petroleum had a net margin of 15.36% and a return on equity of 9.68%. The business had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the previous year, the company posted $0.15 EPS. The company’s revenue was up 14.7% compared to the same quarter last year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Standard Life Aberdeen plc increased its stake in Occidental Petroleum by 1,541.0% in the 2nd quarter. Standard Life Aberdeen plc now owns 7,584,578 shares of the oil and gas producer’s stock valued at $634,716,000 after purchasing an additional 7,122,373 shares in the last quarter. FMR LLC increased its position in Occidental Petroleum by 232.5% during the second quarter. FMR LLC now owns 6,049,152 shares of the oil and gas producer’s stock worth $506,194,000 after buying an additional 4,230,065 shares in the last quarter. Charles Schwab Investment Advisory Inc. purchased a new position in Occidental Petroleum during the second quarter worth $241,052,000. Swedbank purchased a new position in Occidental Petroleum during the third quarter worth $112,990,000. Finally, Mainstay Capital Management LLC ADV increased its position in Occidental Petroleum by 3,725.2% during the second quarter. Mainstay Capital Management LLC ADV now owns 1,198,297 shares of the oil and gas producer’s stock worth $15,434,000 after buying an additional 1,166,971 shares in the last quarter. 80.04% of the stock is owned by hedge funds and other institutional investors.
In other news, Director William R. Klesse bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The stock was purchased at an average cost of $78.55 per share, with a total value of $392,750.00. Following the transaction, the director now directly owns 77,963 shares in the company, valued at $6,123,993.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is owned by corporate insiders.
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 and internationally. The company operates through three 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 (NGLs), and natural gas.
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