Occidental Petroleum (NYSE:OXY) Downgraded by Wolfe Research

Wolfe Research lowered shares of Occidental Petroleum (NYSE:OXY) from a peer perform rating to an underperform rating in a research note published on Monday morning, Analyst Price Targets reports. They currently have $20.00 price objective on the oil and gas producer’s stock.

A number of other research analysts also recently issued reports on OXY. Bank of America boosted their target price on shares of Occidental Petroleum from $29.00 to $31.00 and gave the company a buy rating in a research report on Monday, February 8th. Zacks Investment Research upgraded shares of Occidental Petroleum from a sell rating to a hold rating and set a $27.00 target price for the company in a research report on Tuesday, February 9th. Jefferies Financial Group upgraded shares of Occidental Petroleum from an underperform rating to a hold rating in a research report on Thursday, January 21st. Barclays boosted their target price on shares of Occidental Petroleum from $18.00 to $23.00 and gave the company an equal weight rating in a research report on Thursday, January 14th. Finally, Truist upped their price objective on shares of Occidental Petroleum from $11.00 to $25.00 in a research report on Thursday, January 21st. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $23.65.

NYSE:OXY opened at $24.86 on Monday. Occidental Petroleum has a 12 month low of $8.52 and a 12 month high of $32.52. The firm has a fifty day simple moving average of $27.61 and a 200-day simple moving average of $19.52. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 3.56. The company has a market capitalization of $23.21 billion, a P/E ratio of -1.45 and a beta of 2.35.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Sunday, February 21st. The oil and gas producer reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.19). The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $4.47 billion. Occidental Petroleum had a negative net margin of 76.17% and a negative return on equity of 15.55%. During the same quarter in the prior year, the firm earned ($0.30) earnings per share. Equities analysts forecast that Occidental Petroleum will post -3.74 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Wednesday, March 10th were paid a dividend of $0.01 per share. The ex-dividend date was Tuesday, March 9th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.16%. Occidental Petroleum’s dividend payout ratio is currently 2.76%.

In related news, major shareholder Carl C. Icahn sold 2,600,000 shares of the company’s stock in a transaction dated Wednesday, March 31st. The shares were sold at an average price of $26.88, for a total transaction of $69,888,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Carl C. Icahn sold 3,500,000 shares of the company’s stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $25.60, for a total transaction of $89,600,000.00. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Reby Advisors LLC purchased a new stake in Occidental Petroleum during the 4th quarter valued at about $25,000. Grace Capital boosted its holdings in Occidental Petroleum by 58.5% in the 4th quarter. Grace Capital now owns 1,585 shares of the oil and gas producer’s stock valued at $166,000 after purchasing an additional 585 shares during the last quarter. Patriot Financial Group Insurance Agency LLC boosted its holdings in Occidental Petroleum by 122.1% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 1,872 shares of the oil and gas producer’s stock valued at $32,000 after purchasing an additional 1,029 shares during the last quarter. Contravisory Investment Management Inc. acquired a new position in Occidental Petroleum in the 1st quarter valued at about $50,000. Finally, CX Institutional boosted its holdings in Occidental Petroleum by 93.9% in the 4th quarter. CX Institutional now owns 2,238 shares of the oil and gas producer’s stock valued at $39,000 after purchasing an additional 1,084 shares during the last quarter. 66.64% of the stock is 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, Africa, and Latin America. The company operates through three segments: Oil and Gas, Chemical, and Marketing and Midstream.

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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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