Occidental Petroleum (OXY) Upgraded by Scotiabank to Outperform

Scotiabank upgraded shares of Occidental Petroleum (NYSE:OXY) from a sector perform rating to an outperform rating in a report released on Monday morning.

A number of other equities research analysts also recently weighed in on OXY. Zacks Investment Research raised shares of Occidental Petroleum from a hold rating to a buy rating and set a $94.00 price target for the company in a report on Monday, May 14th. TheStreet raised shares of Occidental Petroleum from a c+ rating to a b rating in a report on Tuesday, May 8th. Credit Suisse Group upped their price target on shares of Occidental Petroleum from $76.00 to $80.00 and gave the company a neutral rating in a report on Wednesday, May 9th. ValuEngine raised shares of Occidental Petroleum from a hold rating to a buy rating in a report on Wednesday, May 2nd. Finally, Bank of America raised shares of Occidental Petroleum from a neutral rating to a buy rating and set a $100.00 price target for the company in a report on Thursday, May 10th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $76.94.

OXY stock opened at $85.79 on Monday. The stock has a market capitalization of $65.41 billion, a P/E ratio of 96.39, a P/E/G ratio of 3.47 and a beta of 0.60. Occidental Petroleum has a fifty-two week low of $57.84 and a fifty-two week high of $86.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.26 and a quick ratio of 1.11.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, May 8th. The oil and gas producer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.21. Occidental Petroleum had a net margin of 13.47% and a return on equity of 6.15%. The business had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the company posted $0.15 earnings per share. The company’s quarterly revenue was up 28.4% compared to the same quarter last year. analysts anticipate that Occidental Petroleum will post 3.79 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Monday, June 11th will be paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Friday, June 8th. Occidental Petroleum’s dividend payout ratio is presently 346.07%.

A number of hedge funds have recently bought and sold shares of the business. Tompkins Financial Corp lifted its stake in Occidental Petroleum by 1.9% during the fourth quarter. Tompkins Financial Corp now owns 36,177 shares of the oil and gas producer’s stock valued at $2,664,000 after buying an additional 661 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in Occidental Petroleum by 25.2% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 3,549 shares of the oil and gas producer’s stock valued at $261,000 after buying an additional 714 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in Occidental Petroleum by 0.5% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 133,331 shares of the oil and gas producer’s stock valued at $8,661,000 after buying an additional 716 shares in the last quarter. Hermes Investment Management Ltd. lifted its stake in Occidental Petroleum by 1.6% during the fourth quarter. Hermes Investment Management Ltd. now owns 45,172 shares of the oil and gas producer’s stock valued at $3,327,000 after buying an additional 720 shares in the last quarter. Finally, Maple Capital Management Inc. lifted its stake in Occidental Petroleum by 1.1% during the first quarter. Maple Capital Management Inc. now owns 68,356 shares of the oil and gas producer’s stock valued at $4,440,000 after buying an additional 730 shares in the last quarter. 80.72% of the stock is owned by institutional investors.

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 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.

Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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