Occidental Petroleum (OXY) Shares Gap Up on Earnings Beat

Occidental Petroleum Co. (NYSE:OXY) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $65.60, but opened at $69.95. Occidental Petroleum shares last traded at $73.34, with a volume of 11058017 shares.

The oil and gas producer reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.26. The business had revenue of $6.18 billion during the quarter, compared to analysts’ expectations of $4.60 billion. Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The firm’s revenue for the quarter was up 98.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 EPS.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 10th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 4.25%. The ex-dividend date of this dividend is Friday, December 7th. Occidental Petroleum’s dividend payout ratio is presently 350.56%.

Several equities analysts have weighed in on the company. ValuEngine cut Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Friday. Mizuho restated a “buy” rating on shares of Occidental Petroleum in a report on Tuesday, July 24th. Zacks Investment Research upgraded Occidental Petroleum from a “hold” rating to a “buy” rating and set a $92.00 price target for the company in a report on Wednesday, October 10th. Morgan Stanley cut their price target on Occidental Petroleum from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday. Finally, National Alliance Securities raised Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Occidental Petroleum currently has a consensus rating of “Buy” and a consensus price target of $83.75.

In related news, Director William R. Klesse acquired 5,000 shares of the stock in a transaction dated Monday, August 13th. The stock was acquired at an average cost of $78.55 per share, with a total value of $392,750.00. Following the purchase, the director now directly owns 77,963 shares of the company’s stock, valued at $6,123,993.65. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.14% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the stock. Standard Life Aberdeen plc lifted its stake in shares of Occidental Petroleum by 1,541.0% during the 2nd quarter. Standard Life Aberdeen plc now owns 7,584,578 shares of the oil and gas producer’s stock worth $634,716,000 after acquiring an additional 7,122,373 shares during the last quarter. Adams Asset Advisors LLC lifted its stake in shares of Occidental Petroleum by 7.9% during the 2nd quarter. Adams Asset Advisors LLC now owns 6,789,866 shares of the oil and gas producer’s stock worth $568,175,000 after acquiring an additional 500,000 shares during the last quarter. FMR LLC lifted its stake in shares of Occidental Petroleum by 232.5% during the 2nd quarter. FMR LLC now owns 6,049,152 shares of the oil and gas producer’s stock worth $506,194,000 after acquiring an additional 4,230,065 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Occidental Petroleum by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,735,322 shares of the oil and gas producer’s stock worth $479,928,000 after acquiring an additional 490,346 shares during the last quarter. Finally, Levin Capital Strategies L.P. lifted its stake in shares of Occidental Petroleum by 11.8% during the 3rd quarter. Levin Capital Strategies L.P. now owns 3,365,150 shares of the oil and gas producer’s stock worth $276,514,000 after acquiring an additional 356,312 shares during the last quarter. 80.95% of the stock is owned by hedge funds and other institutional investors.

The company has a quick ratio of 1.19, a current ratio of 1.36 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $52.24 billion, a PE ratio of 82.40, a P/E/G ratio of 1.86 and a beta of 0.80.

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Occidental Petroleum Company Profile (NYSE:OXY)

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.

Further Reading: Calculate Your Return on Investment (ROI)

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