Occidental Petroleum (NYSE:OXY) Shares Down 0.2%

Occidental Petroleum Co. (NYSE:OXY) dropped 0.2% on Wednesday . The stock traded as low as $62.08 and last traded at $62.26. Approximately 1,502,907 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 7,989,907 shares. The stock had previously closed at $62.36.

Wall Street Analyst Weigh In

OXY has been the topic of several recent research reports. Truist Financial cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating and dropped their price target for the company from $84.00 to $69.00 in a research report on Thursday, May 16th. Susquehanna raised their price target on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Morgan Stanley raised their price target on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Citigroup dropped their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th. Finally, Mizuho lifted their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Eleven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $71.56.

Occidental Petroleum Price Performance

The firm has a market capitalization of $54.96 billion, a PE ratio of 17.01 and a beta of 1.61. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.95. The business’s 50 day moving average is $62.76 and its two-hundred day moving average is $61.83.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same period in the previous year, the business earned $1.09 EPS. Occidental Petroleum’s revenue was down 17.2% compared to the same quarter last year. Equities research analysts anticipate that Occidental Petroleum Co. will post 3.88 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.42%. The ex-dividend date is Monday, June 10th. Occidental Petroleum’s payout ratio is 24.04%.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 524,340 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was bought at an average cost of $59.75 per share, with a total value of $31,329,315.00. Following the acquisition, the insider now owns 248,542,468 shares of the company’s stock, valued at approximately $14,850,412,463. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought a total of 4,656,747 shares of company stock valued at $278,664,028 in the last three months. Company insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

A number of hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its holdings in shares of Occidental Petroleum by 44.9% during the 2nd quarter. GAMMA Investing LLC now owns 5,193 shares of the oil and gas producer’s stock worth $327,000 after acquiring an additional 1,610 shares during the last quarter. Keynote Financial Services LLC bought a new stake in Occidental Petroleum in the first quarter worth $2,156,000. DekaBank Deutsche Girozentrale lifted its stake in Occidental Petroleum by 3.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 114,844 shares of the oil and gas producer’s stock worth $7,431,000 after purchasing an additional 4,332 shares during the last quarter. Cetera Advisors LLC lifted its stake in Occidental Petroleum by 48.1% in the first quarter. Cetera Advisors LLC now owns 44,813 shares of the oil and gas producer’s stock worth $2,912,000 after purchasing an additional 14,546 shares during the last quarter. Finally, Atria Investments Inc lifted its stake in Occidental Petroleum by 4.2% in the first quarter. Atria Investments Inc now owns 91,676 shares of the oil and gas producer’s stock worth $5,957,000 after purchasing an additional 3,674 shares during the last quarter. 88.70% of the stock is owned by 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.