Scotiabank Upgrades Occidental Petroleum (NYSE:OXY) to “Sector Outperform”

Scotiabank upgraded shares of Occidental Petroleum (NYSE:OXY) from a sector perform rating to a sector outperform rating in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. The brokerage currently has $90.00 price objective on the oil and gas producer’s stock, up from their prior price objective of $63.00.

A number of other equities research analysts have also issued reports on OXY. StockNews.com raised shares of Occidental Petroleum from a sell rating to a hold rating in a report on Friday, March 15th. Stephens reiterated an overweight rating and issued a $74.00 price objective on shares of Occidental Petroleum in a report on Thursday, February 15th. HSBC initiated coverage on Occidental Petroleum in a report on Monday, April 8th. They set a hold rating and a $65.00 target price on the stock. Wells Fargo & Company lifted their price objective on Occidental Petroleum from $59.00 to $62.00 and gave the stock an equal weight rating in a research report on Friday, February 16th. Finally, Morgan Stanley upped their target price on Occidental Petroleum from $66.00 to $72.00 and gave the company an overweight rating in a report on Thursday, March 28th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Occidental Petroleum presently has an average rating of Moderate Buy and an average price target of $72.06.

Occidental Petroleum Stock Performance

NYSE OXY opened at $69.01 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. Occidental Petroleum has a twelve month low of $55.12 and a twelve month high of $71.18. The stock has a 50-day moving average of $62.47 and a 200 day moving average of $61.03. The stock has a market capitalization of $61.17 billion, a price-to-earnings ratio of 17.65 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The firm had revenue of $7.53 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the firm posted $1.61 EPS. The business’s revenue was down 9.6% on a year-over-year basis. Sell-side analysts anticipate that Occidental Petroleum will post 3.84 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 8th will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a yield of 1.28%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio (DPR) is currently 22.51%.

Institutional Trading of Occidental Petroleum

A number of large investors have recently made changes to their positions in OXY. Berkshire Hathaway Inc increased its position in shares of Occidental Petroleum by 8.7% in the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after purchasing an additional 19,586,612 shares during the last quarter. Moneta Group Investment Advisors LLC purchased a new position in Occidental Petroleum in the fourth quarter valued at $267,173,000. Bank of New York Mellon Corp raised its stake in Occidental Petroleum by 24.1% in the third quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer’s stock valued at $779,983,000 after buying an additional 2,334,651 shares in the last quarter. American Century Companies Inc. lifted its holdings in Occidental Petroleum by 600.4% during the 3rd quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock worth $145,520,000 after buying an additional 1,922,656 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Occidental Petroleum by 87.9% during the 1st quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer’s stock worth $185,885,000 after acquiring an additional 1,532,100 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other 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, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.