Occidental Petroleum Co. (NYSE:OXY) – Equities researchers at Mitsubishi UFJ Financial Group lowered their FY2018 earnings per share (EPS) estimates for shares of Occidental Petroleum in a research report issued on Wednesday, November 7th. Mitsubishi UFJ Financial Group analyst M. Mcallister now expects that the oil and gas producer will post earnings of $5.12 per share for the year, down from their prior forecast of $5.19. Mitsubishi UFJ Financial Group has a “Neutral” rating and a $92.00 price target on the stock. Mitsubishi UFJ Financial Group also issued estimates for Occidental Petroleum’s Q4 2018 earnings at $1.32 EPS, Q1 2019 earnings at $1.51 EPS, Q2 2019 earnings at $1.38 EPS, Q3 2019 earnings at $1.32 EPS, Q4 2019 earnings at $0.98 EPS, FY2019 earnings at $5.20 EPS, Q1 2020 earnings at $1.08 EPS, Q2 2020 earnings at $1.00 EPS, Q3 2020 earnings at $1.02 EPS and FY2020 earnings at $4.00 EPS.
OXY has been the subject of several other reports. Bank of America increased their price objective on shares of Occidental Petroleum from $100.00 to $105.00 and gave the company a “buy” rating in a report on Friday, August 17th. Zacks Investment Research upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a report on Wednesday, October 10th. Morgan Stanley set a $101.00 price objective on shares of Occidental Petroleum and gave the company a “buy” rating in a report on Friday, October 12th. Raymond James upgraded shares of 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. Finally, Edward Jones upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. One research 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 stock. The stock has an average rating of “Buy” and a consensus price target of $84.00.
Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.26. The business had revenue of $6.18 billion during the quarter, compared to analysts’ expectations of $4.60 billion. Occidental Petroleum had a net margin of 22.19% and a return on equity of 15.43%. The business’s revenue was up 98.9% on a year-over-year basis. During the same period last year, the firm posted $0.18 earnings per share.
A number of large investors have recently modified their holdings of OXY. BlackRock Inc. lifted its position in shares of Occidental Petroleum by 3.4% in the 3rd quarter. BlackRock Inc. now owns 52,574,756 shares of the oil and gas producer’s stock valued at $4,320,067,000 after acquiring an additional 1,732,733 shares in the last quarter. Standard Life Aberdeen plc lifted its position in shares of Occidental Petroleum by 1,541.0% in the 2nd quarter. Standard Life Aberdeen plc now owns 7,584,578 shares of the oil and gas producer’s stock valued at $634,716,000 after acquiring an additional 7,122,373 shares in the last quarter. FMR LLC lifted its position in shares of Occidental Petroleum by 232.5% in the 2nd quarter. FMR LLC now owns 6,049,152 shares of the oil and gas producer’s stock valued at $506,194,000 after acquiring an additional 4,230,065 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Occidental Petroleum by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,735,322 shares of the oil and gas producer’s stock valued at $479,928,000 after acquiring an additional 490,346 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Occidental Petroleum by 27.6% in the 3rd quarter. Alliancebernstein L.P. now owns 4,127,823 shares of the oil and gas producer’s stock valued at $339,183,000 after acquiring an additional 892,948 shares in the last quarter. Hedge funds and other institutional investors own 80.95% of the company’s stock.
In other Occidental Petroleum news, Director William R. Klesse bought 5,000 shares of Occidental Petroleum stock in a transaction that occurred on Monday, August 13th. The stock was purchased at an average cost of $78.55 per share, for a total transaction of $392,750.00. Following the completion of the acquisition, the director now owns 77,963 shares of the company’s stock, valued at approximately $6,123,993.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.32% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 10th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date is Friday, December 7th. Occidental Petroleum’s payout ratio is 350.56%.
Occidental Petroleum Company Profile
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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