Occidental Petroleum (OXY) Lowered to “Neutral” at Bank of America

Bank of America downgraded shares of Occidental Petroleum (NYSE:OXY) from a buy rating to a neutral rating in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. Bank of America currently has $80.00 target price on the oil and gas producer’s stock. The analysts noted that the move was a valuation call.

OXY has been the subject of several other research reports. Cowen reissued a buy rating and issued a $80.00 price objective on shares of Occidental Petroleum in a report on Thursday, September 28th. Mizuho restated a hold rating and issued a $64.00 target price on shares of Occidental Petroleum in a research note on Friday, November 3rd. Goldman Sachs Group upgraded Occidental Petroleum from a neutral rating to a buy rating in a research note on Friday, November 17th. Barclays raised their target price on Occidental Petroleum from $45.00 to $47.00 and gave the stock an underweight rating in a research note on Monday, November 20th. Finally, Jefferies Group raised their target price on Occidental Petroleum from $62.00 to $66.00 and gave the stock a hold rating in a research note on Friday, November 3rd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $67.00.

Shares of Occidental Petroleum (NYSE OXY) traded up $0.64 on Thursday, reaching $75.19. The company had a trading volume of 2,996,637 shares, compared to its average volume of 3,059,875. Occidental Petroleum has a 52 week low of $57.20 and a 52 week high of $75.11. The stock has a market cap of $57,540.00, a price-to-earnings ratio of 105.90, a P/E/G ratio of 7.19 and a beta of 0.65. The company has a current ratio of 1.11, a quick ratio of 0.95 and a debt-to-equity ratio of 0.45.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, November 1st. The oil and gas producer reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.07. Occidental Petroleum had a return on equity of 1.31% and a net margin of 4.33%. The company had revenue of $3 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter last year, the firm posted ($0.15) EPS. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. sell-side analysts predict that Occidental Petroleum will post 0.79 EPS for the current year.

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Occidental Petroleum by 2.1% during the second quarter. Vanguard Group Inc. now owns 55,192,202 shares of the oil and gas producer’s stock valued at $3,304,357,000 after buying an additional 1,119,588 shares during the period. Franklin Resources Inc. increased its stake in shares of Occidental Petroleum by 1.4% during the second quarter. Franklin Resources Inc. now owns 13,570,361 shares of the oil and gas producer’s stock valued at $812,457,000 after buying an additional 186,703 shares during the period. Macquarie Group Ltd. increased its stake in shares of Occidental Petroleum by 3.6% during the second quarter. Macquarie Group Ltd. now owns 11,948,897 shares of the oil and gas producer’s stock valued at $715,381,000 after buying an additional 418,349 shares during the period. Capital International Investors increased its stake in shares of Occidental Petroleum by 3.6% during the third quarter. Capital International Investors now owns 8,273,652 shares of the oil and gas producer’s stock valued at $531,251,000 after buying an additional 289,718 shares during the period. Finally, Epoch Investment Partners Inc. increased its stake in shares of Occidental Petroleum by 22.0% during the third quarter. Epoch Investment Partners Inc. now owns 8,103,731 shares of the oil and gas producer’s stock valued at $520,341,000 after buying an additional 1,461,761 shares during the period. 80.17% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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