Occidental Petroleum (NYSE:OXY) Downgraded by Truist Financial

Truist Financial downgraded shares of Occidental Petroleum (NYSE:OXYFree Report) from a buy rating to a hold rating in a research note issued to investors on Thursday, MarketBeat.com reports. Truist Financial currently has $69.00 price objective on the oil and gas producer’s stock, down from their previous price objective of $84.00.

Several other brokerages also recently issued reports on OXY. Scotiabank upgraded Occidental Petroleum from a sector perform rating to a sector outperform rating and lifted their price objective for the company from $63.00 to $90.00 in a research report on Thursday, April 11th. Mizuho lifted their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company a neutral rating in a report on Wednesday, May 8th. StockNews.com raised shares of Occidental Petroleum from a sell rating to a hold rating in a report on Friday, March 15th. Stephens reaffirmed an overweight rating and issued a $74.00 target price on shares of Occidental Petroleum in a research note on Thursday, February 15th. Finally, Susquehanna increased their price target on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a positive rating in a research note on Monday, April 22nd. Ten research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $71.00.

View Our Latest Stock Report on OXY

Occidental Petroleum Stock Up 0.9 %

Shares of NYSE OXY opened at $63.41 on Thursday. The business has a fifty day moving average of $65.40 and a two-hundred day moving average of $61.40. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.95. Occidental Petroleum has a 52-week low of $55.12 and a 52-week high of $71.18. The stock has a market cap of $56.22 billion, a PE ratio of 17.33 and a beta of 1.64.

Occidental Petroleum (NYSE:OXYGet Free Report) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same period in the previous year, the business earned $1.09 earnings per share. The company’s revenue for the quarter was down 17.2% compared to the same quarter last year. As a group, equities research analysts expect that Occidental Petroleum will post 3.85 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.39%. The ex-dividend date is Monday, June 10th. Occidental Petroleum’s payout ratio is 24.04%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Investment Research & Advisory Group Inc. increased its holdings in shares of Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Occidental Petroleum during the 3rd quarter worth approximately $26,000. Orion Capital Management LLC acquired a new stake in Occidental Petroleum during the 3rd quarter worth approximately $27,000. TLW Wealth Management LLC bought a new position in Occidental Petroleum in the fourth quarter valued at approximately $28,000. Finally, Grove Bank & Trust boosted its holdings in shares of Occidental Petroleum by 86.0% in the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 240 shares during the period. Institutional investors own 88.70% of the company’s stock.

About Occidental Petroleum

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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