Occidental Petroleum (NYSE:OXY) PT Lowered to $65.00 at Scotiabank

Occidental Petroleum (NYSE:OXY) had its price objective decreased by Scotiabank from $80.00 to $65.00 in a research report report published on Thursday, Benzinga reports. Scotiabank currently has a sector outperform rating on the oil and gas producer’s stock.

Several other equities research analysts also recently issued reports on the company. The Goldman Sachs Group began coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They set a neutral rating and a $55.00 price target for the company. StockNews.com downgraded shares of Occidental Petroleum from a hold rating to a sell rating in a report on Saturday, October 5th. UBS Group lowered their price target on shares of Occidental Petroleum from $70.00 to $59.00 and set a neutral rating on the stock in a report on Wednesday, September 18th. Wolfe Research initiated coverage on Occidental Petroleum in a report on Thursday, July 18th. They set an outperform rating and a $81.00 price objective for the company. Finally, Barclays dropped their price target on Occidental Petroleum from $67.00 to $58.00 and set an equal weight rating for the company in a report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $66.29.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $54.76 on Thursday. The stock has a market cap of $48.55 billion, a P/E ratio of 14.96 and a beta of 1.57. The company has a fifty day moving average price of $54.58 and a two-hundred day moving average price of $60.28. Occidental Petroleum has a one year low of $49.75 and a one year high of $71.18. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter last year, the company posted $0.68 earnings per share. Occidental Petroleum’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, equities analysts predict that Occidental Petroleum will post 3.49 EPS for the current year.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Large investors have recently modified their holdings of the business. CapWealth Advisors LLC lifted its position in shares of Occidental Petroleum by 2.7% during the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after buying an additional 162 shares during the last quarter. Meeder Advisory Services Inc. boosted its stake in shares of Occidental Petroleum by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock valued at $553,000 after purchasing an additional 164 shares in the last quarter. Investment Research & Advisory Group Inc. grew its holdings in shares of Occidental Petroleum by 75.2% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 167 shares during the last quarter. Earnest Partners LLC increased its position in Occidental Petroleum by 2.6% during the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock worth $445,000 after purchasing an additional 173 shares in the last quarter. Finally, Proficio Capital Partners LLC boosted its position in Occidental Petroleum by 0.8% in the first quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock valued at $1,359,000 after buying an additional 175 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

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, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.