Investors Buy Occidental Petroleum (OXY) on Weakness

Traders bought shares of Occidental Petroleum Co. (NYSE:OXY) on weakness during trading on Thursday. $138.93 million flowed into the stock on the tick-up and $83.02 million flowed out of the stock on the tick-down, for a money net flow of $55.91 million into the stock. Of all stocks tracked, Occidental Petroleum had the 30th highest net in-flow for the day. Occidental Petroleum traded down ($2.15) for the day and closed at $67.52

Several equities analysts have recently issued reports on the company. Evercore ISI upgraded Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $88.00 price target on the stock in a research note on Wednesday, November 7th. Morgan Stanley cut their price objective on Occidental Petroleum from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, November 5th. National Alliance Securities raised Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Monday, August 13th. ValuEngine downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Friday, November 2nd. Finally, Barclays initiated coverage on Occidental Petroleum in a report on Monday, November 12th. They set an “overweight” rating and a $84.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $88.00.

The company has a debt-to-equity ratio of 0.47, a current ratio of 1.33 and a quick ratio of 1.21. The firm has a market cap of $52.60 billion, a price-to-earnings ratio of 75.87, a price-to-earnings-growth ratio of 2.25 and a beta of 0.82.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $1.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.26. The company had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $4.60 billion. Occidental Petroleum had a return on equity of 15.43% and a net margin of 22.19%. Occidental Petroleum’s revenue for the quarter was up 98.9% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. On average, equities research analysts anticipate that Occidental Petroleum Co. will post 5.17 earnings per share for the current year.

The business also recently announced 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 4.62%. The ex-dividend date of this dividend is Friday, December 7th. Occidental Petroleum’s payout ratio is presently 350.56%.

A number of institutional investors and hedge funds have recently made changes to their positions in OXY. Standard Life Aberdeen plc lifted its holdings in 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 buying an additional 7,122,373 shares during the period. FMR LLC lifted its holdings in 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 buying an additional 4,230,065 shares during the period. Dodge & Cox lifted its holdings in Occidental Petroleum by 58.7% during the 3rd quarter. Dodge & Cox now owns 9,887,895 shares of the oil and gas producer’s stock worth $812,488,000 after buying an additional 3,656,670 shares during the period. Charles Schwab Investment Advisory Inc. acquired a new position in Occidental Petroleum during the 2nd quarter worth about $241,052,000. Finally, Capital World Investors lifted its holdings in Occidental Petroleum by 9.6% during the 3rd quarter. Capital World Investors now owns 23,423,802 shares of the oil and gas producer’s stock worth $1,924,734,000 after buying an additional 2,056,863 shares during the period. 81.63% of the stock is currently owned by hedge funds and other institutional investors.

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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.

See Also: Systematic Risk and Investors

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