Occidental Petroleum (NYSE:OXY) Price Target Lowered to $52.00 at Morgan Stanley

Occidental Petroleum (NYSE:OXY) had its price target cut by Morgan Stanley from $55.00 to $52.00 in a report released on Friday, BenzingaRatingsTable reports. They currently have an equal weight rating on the oil and gas producer’s stock.

Several other equities research analysts have also recently weighed in on OXY. Oppenheimer set a $68.00 price objective on ITT and gave the stock a buy rating in a research note on Wednesday, March 27th. Zacks Investment Research cut Genprex from a hold rating to a sell rating in a research note on Thursday, April 18th. Wells Fargo & Co cut Occidental Petroleum from an outperform rating to a market perform rating in a research note on Monday, May 20th. Royal Bank of Canada set a €86.00 ($100.00) price objective on Henkel AG & Co KGaA and gave the stock a neutral rating in a research note on Tuesday, May 7th. Finally, ValuEngine raised Zynerba Pharmaceuticals from a hold rating to a buy rating in a research note on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $74.30.

Shares of NYSE OXY opened at $51.63 on Friday. The stock’s 50 day moving average is $49.95. The company has a quick ratio of 1.03, a current ratio of 1.23 and a debt-to-equity ratio of 0.50. Occidental Petroleum has a 1-year low of $47.00 and a 1-year high of $84.93. The company has a market capitalization of $38.80 billion, a PE ratio of 10.31, a P/E/G ratio of 2.77 and a beta of 0.83.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Sunday, May 5th. The oil and gas producer reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.12. Occidental Petroleum had a return on equity of 17.70% and a net margin of 21.17%. The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the previous year, the firm posted $0.92 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities analysts predict that Occidental Petroleum will post 3.74 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be paid a dividend of $0.79 per share. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 6.12%. Occidental Petroleum’s dividend payout ratio is currently 62.28%.

In other news, Director Avedick Baruyr Poladian purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average price of $48.77 per share, for a total transaction of $243,850.00. Following the completion of the acquisition, the director now owns 60,319 shares of the company’s stock, valued at $2,941,757.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Cedric W. Burgher purchased 4,100 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average price of $49.61 per share, with a total value of $203,401.00. Following the acquisition, the chief financial officer now directly owns 76,842 shares of the company’s stock, valued at approximately $3,812,131.62. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 80,660 shares of company stock worth $3,893,851. Insiders own 0.15% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Macquarie Group Ltd. lifted its holdings in Occidental Petroleum by 7.9% during the fourth quarter. Macquarie Group Ltd. now owns 10,146,677 shares of the oil and gas producer’s stock worth $622,804,000 after buying an additional 744,802 shares during the period. Geode Capital Management LLC lifted its holdings in Occidental Petroleum by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 9,152,375 shares of the oil and gas producer’s stock worth $560,842,000 after buying an additional 316,507 shares during the period. Norges Bank purchased a new stake in Occidental Petroleum during the fourth quarter worth $475,929,000. Dimensional Fund Advisors LP lifted its holdings in Occidental Petroleum by 5.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,690,890 shares of the oil and gas producer’s stock worth $410,668,000 after buying an additional 331,307 shares during the period. Finally, Two Sigma Advisers LP lifted its holdings in Occidental Petroleum by 5.3% during the fourth quarter. Two Sigma Advisers LP now owns 4,172,300 shares of the oil and gas producer’s stock worth $256,096,000 after buying an additional 211,074 shares during the period. Hedge funds and other institutional investors own 81.70% of the company’s stock.

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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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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