Analyst Rating Update on This Canadian Energy Stock

In a report issued on July 8, Devin McDermott from Morgan Stanley maintained a Sell rating on Occidental Petroleum (OXY). The company’s shares closed last Friday at $16.71.

According to, McDermott has 0 stars on 0-5 stars ranking scale with an average return of -7.9% and a 35.6% success rate. McDermott covers the Utilities sector, focusing on stocks such as Continental Resources, Concho Resources, and Antero Resources.

Currently, the analyst consensus on Occidental Petroleum is a Hold with an average price target of $18.60.

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Based on Occidental Petroleum’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $6.41 billion and GAAP net loss of $2.01 billion. In comparison, last year the company earned revenue of $4 billion and had a net profit of $631 million.

Based on the recent corporate insider activity of 81 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of OXY in relation to earlier this year.

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Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following 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 and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls. The Midstream and Marketing segment purchases, markets, gathers, processes, transports and stores oil, condensate, natural gas liquids, natural gas, carbon dioxide, and power. The company was founded in 1920 and is headquartered in Houston, TX.

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