Occidental Petroleum Corporation (OXY) is Downgraded by JP Morgan to Underweight

Occidental Petroleum Corporation (OXY) was Downgraded by JP Morgan to ” Underweight”. Earlier the firm had a rating of “Neutral ” on the company shares. JP Morgan advised their investors in a research report released on Sep 12, 2016.

Many Wall Street Analysts have commented on Occidental Petroleum Corporation. Occidental Petroleum Corporation was Downgraded by JP Morgan to ” Underweight” on Sep 12, 2016. Occidental Petroleum Corporation was Downgraded by Raymond James to ” Outperform” on Jul 7, 2016.

On the company’s financial health, Occidental Petroleum Corporation reported $-0.18 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $-0.19. The company had revenue of $2531.00 million for the quarter, compared to analysts expectations of $2808.30 million. The company’s revenue was down -27.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.21 EPS.

Occidental Petroleum Corporation closed down -0.11 points or -0.14% at $77.13 with 3,881,746 shares getting traded on Wednesday. Post opening the session at $77.4, the shares hit an intraday low of $76.95 and an intraday high of $77.755 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

In a different news, on Sep 8, 2016, Stephen I Chazen (director) sold 9,000 shares at $77.64 per share price. According to the SEC, on Aug 6, 2015, William R Klesse (director) purchased 10,000 shares at $69.48 per share price. On Jun 19, 2015, John E Feick (director) sold 10,000 shares at $79.07 per share price, according to the Form-4 filing with the securities and exchange commission.

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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