Occidental Petroleum (NYSE:OXY) Trading 1% Higher

Occidental Petroleum Co. (NYSE:OXY)’s share price rose 1% during trading on Thursday . The stock traded as high as $51.18 and last traded at $51.15. Approximately 2,861,208 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 8,501,552 shares. The stock had previously closed at $50.66.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. UBS Group increased their price target on Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Truist Financial reduced their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Citigroup dropped their price target on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, May 24th. Stephens reiterated an “overweight” rating and issued a $76.00 price objective on shares of Occidental Petroleum in a research note on Thursday, August 8th. Finally, Wells Fargo & Company dropped their target price on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $72.27.

Occidental Petroleum Trading Up 0.1 %

The stock has a market cap of $46.23 billion, a PE ratio of 13.95 and a beta of 1.58. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $57.85 and a two-hundred day simple moving average of $61.57.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 EPS. As a group, equities analysts expect that Occidental Petroleum Co. will post 3.71 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.72%. Occidental Petroleum’s payout ratio is 24.04%.

Insider Buying and Selling

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc purchased 334,461 shares of the company’s stock in a transaction on Monday, June 17th. The shares were purchased at an average cost of $59.75 per share, with a total value of $19,984,044.75. Following the transaction, the insider now directly owns 255,281,524 shares in the company, valued at $15,253,071,059. The disclosure for this purchase can be found here. 0.31% of the stock is owned by corporate insiders.

Institutional Trading of Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Investment Research & Advisory Group Inc. boosted its position in Occidental Petroleum by 75.2% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares in the last quarter. LifeSteps Financial Inc. bought a new position in Occidental Petroleum in the first quarter worth $34,000. Able Wealth Management LLC purchased a new position in Occidental Petroleum during the fourth quarter valued at $38,000. New Covenant Trust Company N.A. bought a new stake in shares of Occidental Petroleum during the 1st quarter valued at $44,000. Finally, LRI Investments LLC purchased a new stake in shares of Occidental Petroleum in the 1st quarter worth about $44,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.