Occidental Petroleum (NYSE:OXY) Receives “Neutral” Rating from JPMorgan Chase & Co.

JPMorgan Chase & Co. reissued their neutral rating on shares of Occidental Petroleum (NYSE:OXY) in a research note released on Friday morning, MarketBeat Ratings reports. They currently have a $56.00 price target on the oil and gas producer’s stock.

Several other analysts have also issued reports on the company. Wolfe Research began coverage on Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 target price on the stock. UBS Group dropped their price objective on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. The Goldman Sachs Group began coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective on the stock. Truist Financial dropped their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Finally, Mizuho dropped their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $64.78.

Occidental Petroleum Stock Down 1.3 %

OXY traded down $0.68 on Friday, hitting $50.53. 13,729,906 shares of the company were exchanged, compared to its average volume of 9,960,915. Occidental Petroleum has a 12 month low of $49.51 and a 12 month high of $71.18. The company has a market cap of $45.76 billion, a PE ratio of 12.44 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The stock’s fifty day moving average is $52.20 and its 200-day moving average is $58.09.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the company posted $0.68 earnings per share. Occidental Petroleum’s revenue was up 2.2% on a year-over-year basis. Equities research analysts predict that Occidental Petroleum will post 3.29 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.74%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is presently 21.67%.

Insiders Place Their Bets

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the transaction, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Fortitude Family Office LLC raised its position in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new position in Occidental Petroleum during the 3rd quarter worth $32,000. New Covenant Trust Company N.A. bought a new position in Occidental Petroleum during the 1st quarter worth $44,000. LRI Investments LLC bought a new position in Occidental Petroleum during the 1st quarter worth $44,000. Finally, Exchange Traded Concepts LLC bought a new position in Occidental Petroleum during the 3rd quarter worth $87,000. 88.70% of the stock is currently owned by institutional investors.

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, 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.