Occidental Petroleum (NYSE:OXY) Shares Down 4.3% – Time to Sell?

Occidental Petroleum Corporation (NYSE:OXY)’s share price traded down 4.3% on Wednesday . The stock traded as low as $61.06 and last traded at $60.78. 1,372,635 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 12,369,490 shares. The stock had previously closed at $63.52.

Trending Headlines about Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: UBS raised its price target for Occidental Petroleum from $59 to $67 while maintaining a neutral rating, implying potential upside from recent trading levels. The broader analyst median target is reported at $67, with some targets as high as $75. UBS Group Forecasts Strong Price Appreciation for Occidental Petroleum
• Positive Sentiment: Occidental remains highly ranked by Zacks’ momentum-style screening, reflecting recent relative strength and investor interest. However, the ranking is a quantitative signal rather than a new business development. Occidental Petroleum is a Top-Ranked Momentum Stock
• Positive Sentiment: Chief Executive Richard A. Jackson reportedly purchased 4,770 OXY shares for approximately $250,000 over the past six months, a potential signal of management confidence. Recent institutional activity was mixed, with several large investors adding shares.
• Neutral Sentiment: UBS reaffirmed its hold rating despite the higher price target, indicating that analysts see valuation-supported upside but not a strong enough case to recommend buying aggressively. UBS Reaffirms Its Hold Rating on Occidental Petroleum
• Negative Sentiment: Crude prices weakened after a reported increase in U.S. oil inventories, reducing near-term supply-tightness concerns. Because Occidental’s earnings and cash flow are sensitive to oil prices, the pullback pressured OXY and encouraged profit-taking. No fresh major company announcement appears to explain the decline. Occidental Petroleum Slides as Oil Pulls Back

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on OXY shares. UBS Group lifted their price target on Occidental Petroleum from $59.00 to $67.00 and gave the stock a “neutral” rating in a research note on Monday. Susquehanna raised their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company a “positive” rating in a report on Tuesday, August 11th. Barclays cut their target price on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. The Goldman Sachs Group lowered their price target on shares of Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Finally, Mizuho raised their price objective on shares of Occidental Petroleum from $72.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Ten research analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $65.17.

Occidental Petroleum Stock Performance

The stock has a market cap of $60.10 billion, a price-to-earnings ratio of 9.28, a price-to-earnings-growth ratio of 0.96 and a beta of 0.16. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The stock’s 50-day moving average is $57.83 and its 200-day moving average is $57.07.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the previous year, the firm posted $0.39 EPS. Occidental Petroleum’s revenue was up 53.4% on a year-over-year basis. Analysts anticipate that Occidental Petroleum Corporation will post 6.2 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.9%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 17.34%.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard Jackson purchased 4,770 shares of the stock in a transaction on Tuesday, June 23rd. The stock was bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the stock. Berkshire Hathaway Inc acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at about $12,868,205,000. Bank of New York Mellon Corp increased its position in Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock worth $516,975,000 after purchasing an additional 4,882,834 shares in the last quarter. Danske Bank A S purchased a new position in Occidental Petroleum in the second quarter valued at approximately $172,413,000. Legal & General Group Plc acquired a new position in Occidental Petroleum during the second quarter valued at approximately $168,860,000. Finally, Alyeska Investment Group L.P. grew its stake in Occidental Petroleum by 237.6% during the second quarter. Alyeska Investment Group L.P. now owns 1,892,318 shares of the oil and gas producer’s stock worth $91,910,000 after buying an additional 1,331,774 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.