New Rating issued on Occidental Petroleum Corporation (OXY): Upgraded by BofA/Merrill to ” Buy”

Occidental Petroleum Corporation (OXY) was Upgraded by BofA/Merrill to ” Buy”. Earlier the firm had a rating of “Neutral ” on the company shares. BofA/Merrill advised their Clients and Investors in a research report released on Mar 15, 2017.

Based on several research reports , Occidental Petroleum Corporation was Upgraded by BofA/Merrill to ” Buy” on Mar 15, 2017. Occidental Petroleum Corporation was Upgraded by Credit Suisse to ” Outperform” on Mar 14, 2017. Shares were Downgraded by Mizuho on Feb 13, 2017 to ” Neutral” and Lowered the Price Target to $ 70 from a previous price target of $87 .Occidental Petroleum Corporation was Downgraded by BofA/Merrill to ” Neutral” on Jan 4, 2017. Occidental Petroleum Corporation was Upgraded by Goldman to ” Neutral” on Dec 16, 2016.

Several company insiders have filed Insider transactions , on Mar 14, 2017, Vicki A. Hollub (CEO) purchased 15,000 shares at $62.72 per share price. According to the SEC, on Mar 9, 2017, Stephen I Chazen (director) sold 4,000 shares at $62.97 per share price. On Dec 27, 2016, William R Klesse (director) purchased 10,000 shares at $72.15 per share price, according to the Form-4 filing with the securities and exchange commission.

On the company’s financial health, Occidental Petroleum Corporation reported $-0.13 EPS for the quarter, missing the analyst consensus estimate by $ -0.11 based on the information available during the earnings call on Feb 9, 2017. Analyst had a consensus of $-0.02. The company had revenue of $2826.00 million for the quarter, compared to analysts expectations of $2836.90 million. The company’s revenue was down -.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.17 EPS.

Occidental Petroleum Corporation opened for trading at $64.3 and hit $65.21 on the upside on Wednesday, eventually ending the session at $65.06, with a gain of 3.20% or 2.02 points. The heightened volatility saw the trading volume jump to 75,00,332 shares. Company has a market cap of $49,725 M.

Occidental Petroleum Corporation (Occidental) is engaged in the oil and gas exploration and production. The Company through its subsidiaries and affliates operates in the United States Middle East/North Africa and Latin America. Occidental operates through three segments. The oil and gas segment explores for develops and produces oil and condensate natural gas liquids (NGL) and natural gas. The chemical (OxyChem) segment manufactures and markets basic chemicals and vinyls. The midstream marketing and other segment (midstream and marketing) gathers processes transports stores purchases and markets oil condensate NGLs natural gas carbon dioxide (CO2) and power. It also trades around its assets including transportation and storage capacity and trades oil NGLs gas and other commodities.

Occidental Petroleum Corporation

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