Occidental Petroleum (OXY) Coverage Initiated by Analysts at Credit Suisse Group

Credit Suisse Group started coverage on shares of Occidental Petroleum (NYSE:OXY) in a research note released on Monday, MarketBeat reports. The firm issued a neutral rating and a $62.00 target price on the oil and gas producer’s stock.

OXY has been the topic of a number of other research reports. Cowen reissued a buy rating and issued a $75.00 price target on shares of Occidental Petroleum in a research note on Tuesday, August 22nd. Mizuho reissued a hold rating and issued a $64.00 price target on shares of Occidental Petroleum in a research note on Friday, November 3rd. Bank of America lifted their price target on Occidental Petroleum from $70.00 to $76.00 and gave the stock a buy rating in a research note on Friday, October 13th. Goldman Sachs Group raised Occidental Petroleum from a neutral rating to a buy rating in a research note on Friday, November 17th. Finally, Zacks Investment Research cut Occidental Petroleum from a hold rating to a sell rating in a research note on Thursday, August 31st. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $66.07.

Occidental Petroleum (NYSE:OXY) opened at $70.55 on Monday. The firm has a market capitalization of $53,540.00, a PE ratio of 200.09, a P/E/G ratio of 14.10 and a beta of 0.65. Occidental Petroleum has a 12 month low of $57.20 and a 12 month high of $73.51. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 0.95.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, November 1st. The oil and gas producer reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.07. The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Occidental Petroleum had a return on equity of 1.31% and a net margin of 4.33%. Occidental Petroleum’s revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.15) EPS. analysts expect that Occidental Petroleum will post 0.76 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Monday, December 11th will be paid a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, December 8th. This represents a $3.08 annualized dividend and a yield of 4.37%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 433.80%.

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Occidental Petroleum by 2.1% during the 2nd 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 last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Occidental Petroleum by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,863,518 shares of the oil and gas producer’s stock valued at $830,010,000 after buying an additional 247,780 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Occidental Petroleum by 1.4% during the 2nd 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 last quarter. Macquarie Group Ltd. lifted its holdings in shares of Occidental Petroleum by 3.6% during the 2nd 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 last quarter. Finally, Capital International Investors lifted its holdings in shares of Occidental Petroleum by 3.6% during the 3rd 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 last quarter. 80.34% of the stock is currently owned by institutional investors.

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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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