Barclays assumed coverage on shares of Occidental Petroleum (NYSE:OXY) in a research note issued to investors on Monday morning, BenzingaRatingsTable reports. The firm issued an equal weight rating and a $61.00 price target on the oil and gas producer’s stock.
A number of other brokerages also recently commented on OXY. TheStreet downgraded Occidental Petroleum from a b- rating to a c+ rating in a research report on Friday, May 24th. JPMorgan Chase & Co. initiated coverage on Occidental Petroleum in a research report on Tuesday, August 13th. They set an underweight rating and a $50.00 price target for the company. Wells Fargo & Co decreased their price target on Occidental Petroleum from $53.00 to $48.00 and set a market perform rating for the company in a research report on Friday, August 16th. ValuEngine downgraded Occidental Petroleum from a sell rating to a strong sell rating in a research report on Tuesday, April 30th. Finally, KeyCorp downgraded Occidental Petroleum from an overweight rating to a sector weight rating in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $67.56.
OXY stock opened at $44.70 on Monday. Occidental Petroleum has a twelve month low of $43.08 and a twelve month high of $83.35. The company has a quick ratio of 1.00, a current ratio of 1.20 and a debt-to-equity ratio of 0.50. The stock’s 50 day moving average is $49.12 and its 200-day moving average is $57.09. The firm has a market capitalization of $34.11 billion, a PE ratio of 8.92, a P/E/G ratio of 2.74 and a beta of 0.82.
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 given a $0.79 dividend. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.78. This represents a $3.16 dividend on an annualized basis and a yield of 7.07%. The ex-dividend date is Monday, September 9th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 62.28%.
In other news, insider Kenneth Dillon bought 5,000 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was acquired at an average cost of $44.57 per share, with a total value of $222,850.00. Following the completion of the transaction, the insider now directly owns 108,536 shares of the company’s stock, valued at approximately $4,837,449.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Cedric W. Burgher bought 2,500 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was purchased at an average cost of $43.27 per share, with a total value of $108,175.00. Following the completion of the transaction, the chief financial officer now directly owns 79,342 shares of the company’s stock, valued at $3,433,128.34. The disclosure for this purchase can be found here. Insiders acquired 109,160 shares of company stock valued at $5,246,126 over the last three months. Company insiders own 0.15% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. OppenheimerFunds Inc. increased its position in Occidental Petroleum by 35.6% in the first quarter. OppenheimerFunds Inc. now owns 1,020,876 shares of the oil and gas producer’s stock worth $67,582,000 after buying an additional 268,067 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Occidental Petroleum by 13.9% in the first quarter. Envestnet Asset Management Inc. now owns 1,027,862 shares of the oil and gas producer’s stock valued at $68,044,000 after purchasing an additional 125,245 shares in the last quarter. Covenant Multifamily Offices LLC purchased a new position in shares of Occidental Petroleum in the second quarter valued at $1,667,000. Flagship Harbor Advisors LLC grew its position in shares of Occidental Petroleum by 98.1% in the second quarter. Flagship Harbor Advisors LLC now owns 7,933 shares of the oil and gas producer’s stock valued at $398,000 after purchasing an additional 3,929 shares in the last quarter. Finally, Capital Investment Advisors LLC grew its position in shares of Occidental Petroleum by 15.6% in the second quarter. Capital Investment Advisors LLC now owns 35,790 shares of the oil and gas producer’s stock valued at $1,800,000 after purchasing an additional 4,823 shares in the last quarter. 80.49% of the stock is owned by institutional investors and hedge funds.
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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