Occidental Petroleum Corporation (OXY) Given New $66.00 Price Target at Morgan Stanley
Occidental Petroleum Corporation (NYSE:OXY) had its price target lifted by Morgan Stanley from $62.00 to $66.00 in a report released on Wednesday. Morgan Stanley currently has an equal weight rating on the oil and gas producer’s stock.
Other equities research analysts have also recently issued research reports about the company. Cowen and Company reiterated a buy rating and issued a $75.00 price objective on shares of Occidental Petroleum Corporation in a report on Tuesday, August 22nd. Bank of America Corporation increased their price objective on Occidental Petroleum Corporation from $70.00 to $76.00 and gave the stock a buy rating in a report on Friday, October 13th. Jefferies Group LLC set a $64.00 price objective on Occidental Petroleum Corporation and gave the stock a hold rating in a report on Saturday, July 29th. Scotiabank reiterated a hold rating and issued a $60.00 price objective on shares of Occidental Petroleum Corporation in a report on Friday, June 30th. Finally, BMO Capital Markets reiterated a hold rating and issued a $65.00 price objective on shares of Occidental Petroleum Corporation in a report on Thursday, June 22nd. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $65.73.
Shares of Occidental Petroleum Corporation (NYSE:OXY) traded up 0.32% during trading on Wednesday, hitting $64.84. The stock had a trading volume of 3,568,070 shares. The firm has a 50-day moving average price of $62.87 and a 200 day moving average price of $61.37. The company has a market capitalization of $49.57 billion, a PE ratio of 456.62 and a beta of 0.67. 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 released its quarterly earnings data on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $3 billion. During the same quarter last year, the business posted ($0.18) EPS. The business’s revenue was up 40.9% on a year-over-year basis. Equities analysts anticipate that Occidental Petroleum Corporation will post $0.67 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Monday, December 11th will be paid a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, December 8th. This represents a $3.08 annualized dividend and a yield of 4.75%. Occidental Petroleum Corporation’s dividend payout ratio is 2,369.23%.
In other news, Director William R. Klesse purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average cost of $61.58 per share, for a total transaction of $615,800.00. Following the purchase, the director now directly owns 70,692 shares in the company, valued at approximately $4,353,213.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.32% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Perpetual Ltd boosted its stake in shares of Occidental Petroleum Corporation by 42.4% in the 2nd quarter. Perpetual Ltd now owns 176,200 shares of the oil and gas producer’s stock worth $10,549,000 after buying an additional 52,500 shares during the last quarter. MPS Loria Financial Planners LLC purchased a new position in shares of Occidental Petroleum Corporation in the 2nd quarter worth $147,000. W. E. Donoghue & Co. LLC purchased a new position in shares of Occidental Petroleum Corporation in the 2nd quarter worth $15,950,000. Intl Fcstone Inc. boosted its stake in shares of Occidental Petroleum Corporation by 96.6% in the 2nd quarter. Intl Fcstone Inc. now owns 26,969 shares of the oil and gas producer’s stock worth $1,615,000 after buying an additional 13,250 shares during the last quarter. Finally, Kimelman & Baird LLC boosted its stake in shares of Occidental Petroleum Corporation by 1.6% in the 2nd quarter. Kimelman & Baird LLC now owns 64,995 shares of the oil and gas producer’s stock worth $3,891,000 after buying an additional 1,050 shares during the last quarter. Hedge funds and other institutional investors own 80.53% of the company’s stock.
Occidental Petroleum Corporation Company Profile
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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