Zacks Investment Research downgraded shares of Occidental Petroleum Corporation (NYSE:OXY) from a hold rating to a sell rating in a report released on Thursday morning.

According to Zacks, “Shares of Occidental Petroleum have lost in the last 12 months, wider than the industry's loss over the same period. The recent weakness in oil prices could jeopardize Occidental‘s plans to achieve cash flow breakeven.  Occidental Petroleum, like other oil and natural gas companies, faces the risks of cost overruns and development interruptions due to delays in drilling and other approvals, property or border disputes, and equipment failures. The company also had to shut down operation in Texas to ward off the impact of Hurricane Harvey that will adversely impact its earnings. However, the company plans to gain by producing more oil from the Permian Resources and concentrate more on high margin production region. Nonetheless, the company generates stable cash flow and is working to reach cash flow breakeven at low oil prices.”

Several other equities research analysts also recently commented on the stock. Cowen and Company set a $75.00 target price on shares of Occidental Petroleum Corporation and gave the company a buy rating in a research note on Wednesday, July 19th. Bank of America Corporation reaffirmed a buy rating and issued a $80.00 target price (down previously from $83.00) on shares of Occidental Petroleum Corporation in a research note on Thursday, May 11th. Credit Suisse Group reaffirmed a buy rating and issued a $80.00 target price on shares of Occidental Petroleum Corporation in a research note on Friday, May 19th. Scotiabank reaffirmed a hold rating and issued a $68.00 target price on shares of Occidental Petroleum Corporation in a research note on Monday, May 15th. Finally, BidaskClub raised shares of Occidental Petroleum Corporation from a strong sell rating to a sell rating in a research note on Monday, July 31st. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $65.14.

Occidental Petroleum Corporation (NYSE:OXY) traded up 0.28% during trading on Thursday, reaching $59.87. 1,284,607 shares of the company were exchanged. The firm has a 50-day moving average of $60.45 and a 200-day moving average of $61.73. The firm has a market cap of $45.77 billion, a price-to-earnings ratio of 421.62 and a beta of 0.65. Occidental Petroleum Corporation has a 52-week low of $57.20 and a 52-week high of $78.48.

Occidental Petroleum Corporation (NYSE:OXY) last issued its earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. Occidental Petroleum Corporation had a net margin of 0.91% and a return on equity of 0.13%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the prior year, the firm earned ($0.18) earnings per share. The business’s quarterly revenue was up 40.9% on a year-over-year basis. On average, equities analysts forecast that Occidental Petroleum Corporation will post $0.67 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, September 11th will be issued a dividend of $0.77 per share. This is a boost from Occidental Petroleum Corporation’s previous quarterly dividend of $0.76. The ex-dividend date is Friday, September 8th. This represents a $3.08 annualized dividend and a yield of 5.16%. Occidental Petroleum Corporation’s dividend payout ratio is presently 2,338.46%.

In other Occidental Petroleum Corporation news, CFO Cedric W. Burgher bought 1,700 shares of Occidental Petroleum Corporation stock in a transaction that occurred on Wednesday, June 7th. The stock was acquired at an average price of $59.85 per share, for a total transaction of $101,745.00. Following the completion of the acquisition, the chief financial officer now owns 44,124 shares of the company’s stock, valued at approximately $2,640,821.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William R. Klesse bought 10,000 shares of Occidental Petroleum Corporation stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average price of $61.58 per share, with a total value of $615,800.00. Following the acquisition, the director now directly owns 70,692 shares of the company’s stock, valued at approximately $4,353,213.36. The disclosure for this purchase can be found here. Corporate insiders own 0.32% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in OXY. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Occidental Petroleum Corporation during the first quarter valued at approximately $102,000. Grove Bank & Trust boosted its position in shares of Occidental Petroleum Corporation by 54.8% in the second quarter. Grove Bank & Trust now owns 1,758 shares of the oil and gas producer’s stock valued at $105,000 after buying an additional 622 shares during the last quarter. Oakworth Capital Inc. boosted its position in shares of Occidental Petroleum Corporation by 14.7% in the second quarter. Oakworth Capital Inc. now owns 1,952 shares of the oil and gas producer’s stock valued at $117,000 after buying an additional 250 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Occidental Petroleum Corporation by 15.6% in the first quarter. Parallel Advisors LLC now owns 1,961 shares of the oil and gas producer’s stock valued at $118,000 after buying an additional 264 shares during the last quarter. Finally, Mosaic Family Wealth LLC boosted its position in shares of Occidental Petroleum Corporation by 4.0% in the first quarter. Mosaic Family Wealth LLC now owns 1,887 shares of the oil and gas producer’s stock valued at $120,000 after buying an additional 72 shares during the last quarter. Institutional investors and hedge funds own 80.85% 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.

Analyst Recommendations for Occidental Petroleum Corporation (NYSE:OXY)

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