Traders Sell Occidental Petroleum (OXY) on Strength After Analyst Downgrade
Traders sold shares of Occidental Petroleum Co. (NYSE:OXY) on strength during trading hours on Monday after KeyCorp lowered their price target on the stock from $75.00 to $70.00. $58.79 million flowed into the stock on the tick-up and $94.73 million flowed out of the stock on the tick-down, for a money net flow of $35.94 million out of the stock. Of all companies tracked, Occidental Petroleum had the 0th highest net out-flow for the day. Occidental Petroleum traded up $1.23 for the day and closed at $63.05
Several other brokerages also recently issued reports on OXY. Zacks Investment Research upgraded Occidental Petroleum from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 5th. ValuEngine upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. Barclays downgraded Occidental Petroleum from an “overweight” rating to an “underweight” rating and lowered their target price for the company from $77.00 to $70.00 in a research note on Friday, February 15th. Mizuho downgraded Occidental Petroleum from a “buy” rating to a “neutral” rating and lowered their target price for the company from $83.00 to $70.00 in a research note on Monday. Finally, Oppenheimer assumed coverage on Occidental Petroleum in a research note on Wednesday, March 27th. They set a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $82.67.
Several institutional investors have recently made changes to their positions in the company. UBS Oconnor LLC bought a new position in shares of Occidental Petroleum during the fourth quarter worth about $4,604,000. American Trust Investment Advisors LLC bought a new position in shares of Occidental Petroleum during the fourth quarter worth about $2,435,000. Gradient Investments LLC lifted its position in shares of Occidental Petroleum by 1,754.1% during the fourth quarter. Gradient Investments LLC now owns 129,026 shares of the oil and gas producer’s stock worth $7,920,000 after purchasing an additional 122,067 shares during the last quarter. United Capital Management of KS Inc. lifted its position in shares of Occidental Petroleum by 19.7% during the fourth quarter. United Capital Management of KS Inc. now owns 3,630 shares of the oil and gas producer’s stock worth $223,000 after purchasing an additional 597 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of Occidental Petroleum by 17.9% during the third quarter. Morgan Stanley now owns 8,169,766 shares of the oil and gas producer’s stock worth $671,310,000 after purchasing an additional 1,238,365 shares during the last quarter. Institutional investors own 84.34% of the company’s stock.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Tuesday, February 12th. The oil and gas producer reported $1.22 EPS for the quarter, topping the consensus estimate of $1.12 by $0.10. Occidental Petroleum had a net margin of 21.87% and a return on equity of 18.17%. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter last year, the company posted $0.41 earnings per share. The company’s quarterly revenue was up 33.8% compared to the same quarter last year. Sell-side analysts predict that Occidental Petroleum Co. will post 3.62 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, March 11th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, March 8th. This represents a $3.12 annualized dividend and a dividend yield of 4.95%. Occidental Petroleum’s payout ratio is 62.28%.
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Occidental Petroleum Company Profile (NYSE:OXY)
Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil & Gas, Chemical and Midstream & Marketing. The Oil & Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls.
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