HSBC Upgrades Occidental Petroleum (NYSE:OXY) to Buy

HSBC upgraded shares of Occidental Petroleum (NYSE:OXY) from a hold rating to a buy rating in a research report sent to investors on Friday, MarketBeat reports. HSBC currently has $55.00 price target on the oil and gas producer’s stock, up from their prior price target of $48.00.

OXY has been the subject of a number of other reports. Scotiabank boosted their price objective on Occidental Petroleum from $40.00 to $45.00 and gave the stock a “sector perform” rating in a report on Friday, July 11th. Melius began coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They set a “hold” rating and a $64.00 target price on the stock. JPMorgan Chase & Co. increased their price target on Occidental Petroleum from $47.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 15th. Melius Research initiated coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They set a “hold” rating and a $64.00 price objective on the stock. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $52.00 target price on shares of Occidental Petroleum in a research note on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $52.87.

Occidental Petroleum Stock Performance

OXY opened at $44.86 on Friday. Occidental Petroleum has a 1-year low of $34.78 and a 1-year high of $56.49. The company has a market cap of $44.16 billion, a price-to-earnings ratio of 26.54 and a beta of 0.95. The company’s fifty day moving average price is $45.63 and its two-hundred day moving average price is $43.76. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm had revenue of $6.41 billion during the quarter, compared to analysts’ expectations of $6.29 billion. During the same period last year, the company earned $1.03 earnings per share. The business’s revenue was down 6.1% on a year-over-year basis. On average, analysts expect that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.1%. Occidental Petroleum’s dividend payout ratio is presently 56.80%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its holdings in shares of Occidental Petroleum by 6,237.1% in the 1st quarter. GAMMA Investing LLC now owns 336,438 shares of the oil and gas producer’s stock worth $16,607,000 after purchasing an additional 331,129 shares during the period. Merit Financial Group LLC increased its position in Occidental Petroleum by 53.5% in the first quarter. Merit Financial Group LLC now owns 12,254 shares of the oil and gas producer’s stock worth $605,000 after buying an additional 4,270 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Occidental Petroleum by 22.8% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,970 shares of the oil and gas producer’s stock valued at $591,000 after buying an additional 2,222 shares during the period. Insight Advisors LLC PA lifted its position in shares of Occidental Petroleum by 11.4% during the 1st quarter. Insight Advisors LLC PA now owns 5,395 shares of the oil and gas producer’s stock valued at $266,000 after buying an additional 550 shares during the last quarter. Finally, Intellectus Partners LLC grew its stake in shares of Occidental Petroleum by 5.7% during the 1st quarter. Intellectus Partners LLC now owns 21,051 shares of the oil and gas producer’s stock worth $1,044,000 after acquiring an additional 1,141 shares during the period. 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.