Occidental Petroleum Co. (NYSE:OXY) – Jefferies Group cut their FY2018 earnings estimates for shares of Occidental Petroleum in a research report issued on Wednesday. Jefferies Group analyst J. Gammel now expects that the oil and gas producer will post earnings per share of $1.94 for the year, down from their previous forecast of $2.99. Jefferies Group currently has a “Hold” rating and a $70.00 price target on the stock. Jefferies Group also issued estimates for Occidental Petroleum’s FY2019 earnings at $2.12 EPS.
Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Thursday, May 4th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.01. Occidental Petroleum had a negative return on equity of 3.40% and a negative net margin of 5.52%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the prior year, the business earned ($0.47) earnings per share. The business’s revenue was up 30.6% on a year-over-year basis.
A number of other research firms have also recently issued reports on OXY. Scotiabank reissued a “hold” rating and set a $68.00 price objective on shares of Occidental Petroleum in a research report on Monday. Bank of America Corp reissued a “buy” rating and set a $80.00 price objective (down previously from $83.00) on shares of Occidental Petroleum in a research report on Thursday, May 11th. BMO Capital Markets set a $65.00 price objective on Occidental Petroleum and gave the company a “hold” rating in a research report on Thursday, May 4th. JPMorgan Chase & Co. raised Occidental Petroleum from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $66.00 to $67.00 in a research report on Wednesday, May 10th. Finally, Barclays PLC reduced their price objective on Occidental Petroleum from $63.00 to $62.00 and set an “underweight” rating for the company in a research report on Thursday, January 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $71.51.
Shares of Occidental Petroleum (NYSE:OXY) traded up 0.91% during mid-day trading on Friday, hitting $60.84. The stock had a trading volume of 1,659,548 shares. The firm’s market cap is $46.52 billion. Occidental Petroleum has a 12-month low of $57.20 and a 12-month high of $78.48. The company has a 50 day moving average price of $62.04 and a 200 day moving average price of $66.44.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 9th will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 5.04%. The ex-dividend date of this dividend is Wednesday, June 7th. Occidental Petroleum’s payout ratio is currently -400.00%.
In other news, insider Vicki A. Hollub acquired 15,000 shares of Occidental Petroleum stock in a transaction on Monday, March 13th. The shares were purchased at an average price of $62.72 per share, with a total value of $940,800.00. Following the acquisition, the insider now owns 76,018 shares in the company, valued at $4,767,848.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Stephen I. Chazen sold 4,000 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $59.47, for a total value of $237,880.00. Following the transaction, the director now directly owns 1,464,619 shares in the company, valued at approximately $87,100,891.93. The disclosure for this sale can be found here. Insiders sold a total of 48,000 shares of company stock worth $3,030,960 over the last three months. 0.35% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. Apriem Advisors boosted its stake in shares of Occidental Petroleum by 24.8% in the third quarter. Apriem Advisors now owns 1,522 shares of the oil and gas producer’s stock valued at $111,000 after buying an additional 302 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Occidental Petroleum during the first quarter worth approximately $102,000. Parallel Advisors LLC purchased a new stake in Occidental Petroleum during the fourth quarter worth approximately $121,000. Mosaic Family Wealth LLC boosted its stake in Occidental Petroleum by 4.3% in the third quarter. Mosaic Family Wealth LLC now owns 1,815 shares of the oil and gas producer’s stock worth $132,000 after buying an additional 75 shares in the last quarter. Finally, Advantage Investment Management LLC purchased a new stake in Occidental Petroleum during the fourth quarter worth approximately $139,000. Institutional investors own 80.07% of the company’s stock.
About Occidental Petroleum
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), 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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