Occidental Petroleum (OXY) Shares Gap Up Following Earnings Beat

Occidental Petroleum Co. (NYSE:OXY) shares gapped up prior to trading on Tuesday following a better than expected earnings announcement. 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 trading hands.

The oil and gas producer reported $1.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.51 by $0.26. The firm had revenue of $6.18 billion during the quarter, compared to analysts’ expectations of $4.60 billion. Occidental Petroleum had a net margin of 15.36% and a return on equity of 9.68%. Occidental Petroleum’s revenue for the quarter was up 98.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS.

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

Several research firms have commented on OXY. Mizuho reaffirmed a “buy” rating on shares of Occidental Petroleum in a research note on Tuesday, July 24th. JPMorgan Chase & Co. lowered their target price on shares of Occidental Petroleum from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, August 10th. Mitsubishi UFJ Financial Group lowered their target price on shares of Occidental Petroleum to $92.00 and set a “neutral” rating for the company in a research note on Tuesday, October 16th. Piper Jaffray Companies initiated coverage on shares of Occidental Petroleum in a research note on Friday, September 28th. They set an “overweight” rating for the company. Finally, National Alliance Securities raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average 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 bought 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 filing with the SEC, which is available through this link. 0.14% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Standard Life Aberdeen plc lifted its holdings 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 valued at $634,716,000 after acquiring an additional 7,122,373 shares in the last quarter. FMR LLC lifted its holdings 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 valued at $506,194,000 after acquiring an additional 4,230,065 shares in the last quarter. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Occidental Petroleum during the 2nd quarter valued at $241,052,000. Swedbank acquired a new position in shares of Occidental Petroleum during the 3rd quarter valued at $112,990,000. Finally, Mainstay Capital Management LLC ADV lifted its holdings in shares of Occidental Petroleum by 3,725.2% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 1,198,297 shares of the oil and gas producer’s stock valued at $15,434,000 after acquiring an additional 1,166,971 shares in the last quarter. 80.95% of the stock is owned by institutional investors.

The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.36. The firm has a market cap of $52.24 billion, a price-to-earnings ratio of 82.40, a price-to-earnings-growth ratio of 1.86 and a beta of 0.80.

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About Occidental Petroleum (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.

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