Occidental Petroleum (NYSE:OXY) Trading Down 1.7% After Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded down 1.7% during mid-day trading on Tuesday after Truist Financial lowered their price target on the stock from $69.00 to $67.00. Truist Financial currently has a hold rating on the stock. Occidental Petroleum traded as low as $60.13 and last traded at $60.20. 3,051,591 shares were traded during trading, a decline of 61% from the average session volume of 7,872,575 shares. The stock had previously closed at $61.21.

Several other research analysts have also issued reports on OXY. Scotiabank dropped their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. HSBC assumed coverage on Occidental Petroleum in a research report on Monday, April 8th. They set a “hold” rating and a $65.00 target price for the company. Barclays started coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 target price for the company. Morgan Stanley boosted their price target on Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Finally, Stephens lowered their price target on Occidental Petroleum from $78.00 to $77.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $72.31.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of Occidental Petroleum stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the purchase, the insider now directly owns 250,583,605 shares of the company’s stock, valued at approximately $14,952,323,710.35. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders acquired 4,656,747 shares of company stock valued at $278,664,028 over the last 90 days. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of large investors have recently bought and sold shares of OXY. Investment Research & Advisory Group Inc. increased its position in shares of Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares in the last quarter. Grove Bank & Trust increased its position in shares of Occidental Petroleum by 86.0% during the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 240 shares in the last quarter. Criterion Capital Advisors LLC acquired a new position in shares of Occidental Petroleum during the fourth quarter worth $34,000. LifeSteps Financial Inc. acquired a new position in shares of Occidental Petroleum during the first quarter worth $34,000. Finally, BKM Wealth Management LLC acquired a new position in shares of Occidental Petroleum during the fourth quarter worth $35,000. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

The business has a 50-day moving average price of $61.81 and a 200-day moving average price of $62.00. The firm has a market capitalization of $53.30 billion, a price-to-earnings ratio of 16.45 and a beta of 1.61. The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $6.70 billion. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The business’s quarterly revenue was down 17.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.09 earnings per share. As a group, sell-side analysts forecast that Occidental Petroleum Co. will post 3.82 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, June 10th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Monday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Occidental Petroleum Company Profile

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.