Occidental Petroleum (NYSE:OXY) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Occidental Petroleum (NYSE:OXY) issued its quarterly earnings data on Tuesday. The oil and gas producer reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.01, Briefing.com reports. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $6.70 billion. During the same quarter in the previous year, the firm earned $1.09 EPS. The company’s revenue was down 17.2% compared to the same quarter last year.

Occidental Petroleum Price Performance

OXY stock traded up $0.05 on Tuesday, reaching $65.07. The company had a trading volume of 6,234,833 shares, compared to its average volume of 8,472,645. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The company’s fifty day moving average is $64.89 and its 200 day moving average is $61.34. The company has a market cap of $57.68 billion, a P/E ratio of 16.66 and a beta of 1.64. Occidental Petroleum has a 1 year low of $55.12 and a 1 year high of $71.18.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, June 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.35%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.51%.

Analysts Set New Price Targets

Several research firms have commented on OXY. Raymond James reduced their price objective on Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 24th. Scotiabank upgraded shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $63.00 to $90.00 in a research report on Thursday, April 11th. Wells Fargo & Company upped their price objective on shares of Occidental Petroleum from $62.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. HSBC began coverage on shares of Occidental Petroleum in a research note on Monday, April 8th. They set a “hold” rating and a $65.00 price target on the stock. Finally, Susquehanna raised their price objective on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Nine investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $71.94.

Occidental Petroleum Company Profile

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.