FY2019 EPS Estimates for Occidental Petroleum Co. Reduced by Analyst (OXY)
Occidental Petroleum Co. (NYSE:OXY) – Equities research analysts at Mitsubishi UFJ Financial Group cut their FY2019 earnings estimates for Occidental Petroleum in a research report issued to clients and investors on Monday, October 15th. Mitsubishi UFJ Financial Group analyst M. Mcallister now anticipates that the oil and gas producer will earn $6.31 per share for the year, down from their previous forecast of $6.39. Mitsubishi UFJ Financial Group has a “Neutral” rating and a $92.00 price target on the stock. Mitsubishi UFJ Financial Group also issued estimates for Occidental Petroleum’s Q4 2019 earnings at $1.30 EPS, Q1 2020 earnings at $1.34 EPS, Q2 2020 earnings at $1.26 EPS and Q3 2020 earnings at $1.25 EPS.
Several other equities research analysts also recently commented on the stock. Piper Jaffray Companies started coverage on shares of Occidental Petroleum in a research note on Friday, September 28th. They set an “overweight” rating for the company. JPMorgan Chase & Co. lowered their price objective on shares of Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, August 10th. Edward Jones upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Tuesday, September 18th. Morgan Stanley started coverage on shares of Occidental Petroleum in a research note on Thursday, July 12th. They set an “overweight” rating and a $100.00 price objective for the company. Finally, Bank of America lifted their price objective on shares of Occidental Petroleum from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, August 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $84.06.
Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 8th. The oil and gas producer reported $1.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by ($0.11). Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The company had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the previous year, the firm posted $0.15 earnings per share. The company’s quarterly revenue was up 14.7% on a year-over-year basis.
Several institutional investors have recently modified their holdings of the stock. Sawtooth Solutions LLC increased its holdings in Occidental Petroleum by 2.0% in the second quarter. Sawtooth Solutions LLC now owns 34,912 shares of the oil and gas producer’s stock valued at $2,922,000 after buying an additional 679 shares in the last quarter. Wetherby Asset Management Inc. increased its holdings in Occidental Petroleum by 7.7% in the second quarter. Wetherby Asset Management Inc. now owns 9,789 shares of the oil and gas producer’s stock valued at $820,000 after buying an additional 703 shares in the last quarter. TCW Group Inc. increased its holdings in Occidental Petroleum by 3.4% in the second quarter. TCW Group Inc. now owns 21,697 shares of the oil and gas producer’s stock valued at $1,815,000 after buying an additional 705 shares in the last quarter. YHB Investment Advisors Inc. increased its holdings in Occidental Petroleum by 1.8% in the second quarter. YHB Investment Advisors Inc. now owns 40,545 shares of the oil and gas producer’s stock valued at $3,393,000 after buying an additional 706 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its holdings in Occidental Petroleum by 0.7% in the second quarter. Mutual of America Capital Management LLC now owns 98,708 shares of the oil and gas producer’s stock valued at $8,260,000 after buying an additional 729 shares in the last quarter. 80.34% of the stock is owned by hedge funds and other institutional investors.
In other Occidental Petroleum news, Director William R. Klesse bought 5,000 shares of Occidental Petroleum stock in a transaction that occurred on Monday, August 13th. The stock was purchased at an average price of $78.55 per share, with a total value of $392,750.00. Following the completion of the acquisition, the director now directly owns 77,963 shares in the company, valued at approximately $6,123,993.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 10th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, December 7th. This represents a $3.12 annualized dividend and a dividend yield of 4.32%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 350.56%.
Occidental Petroleum Company Profile
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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