Occidental Petroleum Co. (NYSE:OXY) – Research analysts at Capital One Financial reduced their FY2019 earnings per share (EPS) estimates for Occidental Petroleum in a report released on Tuesday, October 16th, Zacks Investment Research reports. Capital One Financial analyst R. Tullis now forecasts that the oil and gas producer will earn $4.10 per share for the year, down from their previous estimate of $4.87.
Several other analysts have also weighed in on the company. Morgan Stanley set a $101.00 price objective on Occidental Petroleum and gave the company a “buy” rating in a report on Friday, October 12th. Piper Jaffray Companies started coverage on Occidental Petroleum in a report on Friday, September 28th. They issued an “overweight” rating for the company. Raymond James upgraded Occidental Petroleum from an “outperform” rating to a “strong-buy” rating in a report on Monday, October 22nd. They noted that the move was a valuation call. JPMorgan Chase & Co. cut their price objective on Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating for the company in a report on Friday, August 10th. Finally, Edward Jones raised Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Occidental Petroleum presently has a consensus rating of “Buy” and an average target price of $84.00.
Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.26. The business had revenue of $6.18 billion during the quarter, compared to analyst estimates of $4.60 billion. Occidental Petroleum had a return on equity of 15.43% and a net margin of 22.19%. The company’s revenue was up 98.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share.
Hedge funds have recently made changes to their positions in the business. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Occidental Petroleum by 170.8% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,327 shares of the oil and gas producer’s stock worth $109,000 after buying an additional 837 shares during the period. Westbourne Investment Advisors Inc. bought a new position in shares of Occidental Petroleum during the 3rd quarter worth approximately $138,000. Kaizen Advisory LLC lifted its position in shares of Occidental Petroleum by 142.0% during the 2nd quarter. Kaizen Advisory LLC now owns 1,793 shares of the oil and gas producer’s stock worth $150,000 after buying an additional 1,052 shares during the period. GeoSphere Capital Management LLC bought a new position in shares of Occidental Petroleum during the 2nd quarter worth approximately $151,000. Finally, Spectrum Management Group Inc. bought a new position in shares of Occidental Petroleum during the 2nd quarter worth approximately $160,000. Institutional investors own 80.95% of the company’s stock.
In other news, Director William R. Klesse acquired 5,000 shares of Occidental Petroleum stock in a transaction on Monday, August 13th. The stock was bought at an average price of $78.55 per share, for a total transaction of $392,750.00. Following the transaction, the director now owns 77,963 shares of the company’s stock, valued at $6,123,993.65. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 0.32% of the stock is currently owned by company insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 10th will be given a $0.78 dividend. The ex-dividend date of this dividend is Friday, December 7th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.24%. Occidental Petroleum’s dividend payout ratio is currently 350.56%.
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.
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