Stock Traders Purchase Large Volume of Occidental Petroleum Call Options (NYSE:OXY)

Occidental Petroleum Corporation (NYSE:OXY) was the recipient of some unusual options trading activity on Wednesday. Stock investors acquired 55,408 call options on the company. This represents an increase of approximately 30% compared to the average volume of 42,619 call options.

Occidental Petroleum Trading Down 5.8%

Shares of Occidental Petroleum stock traded down $3.52 during trading on Wednesday, hitting $56.91. The company’s stock had a trading volume of 6,334,160 shares, compared to its average volume of 11,858,116. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. Occidental Petroleum has a 52 week low of $38.80 and a 52 week high of $67.45. The stock has a market cap of $56.88 billion, a price-to-earnings ratio of 8.80, a price-to-earnings-growth ratio of 0.70 and a beta of 0.16. The stock has a 50-day moving average price of $60.17 and a two-hundred day moving average price of $56.08.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.57. The business had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. Occidental Petroleum’s revenue for the quarter was up 53.4% compared to the same quarter last year. During the same period last year, the company earned $0.39 EPS. Equities research analysts anticipate that Occidental Petroleum will post 6.81 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 10th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 17.34%.

Wall Street Analyst Weigh In

OXY has been the subject of several research analyst reports. Morgan Stanley upped their price target on shares of Occidental Petroleum from $69.00 to $71.00 and gave the stock an “equal weight” rating in a report on Thursday, October 15th. Susquehanna raised their price objective on Occidental Petroleum from $70.00 to $77.00 and gave the company a “positive” rating in a report on Tuesday, October 20th. Citigroup reduced their price objective on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, July 17th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $68.00 target price on shares of Occidental Petroleum in a report on Wednesday, October 14th. Finally, Roth Capital raised Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a research note on Friday, October 16th. Twelve analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $67.88.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently added to or reduced their stakes in OXY. Evergreen Capital Management LLC raised its holdings in Occidental Petroleum by 2.7% during the third quarter. Evergreen Capital Management LLC now owns 5,929 shares of the oil and gas producer’s stock worth $330,000 after buying an additional 155 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Occidental Petroleum by 12.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock valued at $111,000 after buying an additional 196 shares during the last quarter. Venture Visionary Partners LLC boosted its position in shares of Occidental Petroleum by 2.2% during the third quarter. Venture Visionary Partners LLC now owns 9,639 shares of the oil and gas producer’s stock valued at $533,000 after buying an additional 203 shares during the last quarter. Elevation Wealth Partners LLC grew its holdings in Occidental Petroleum by 15.8% during the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock worth $78,000 after buying an additional 220 shares in the last quarter. Finally, HBK Sorce Advisory LLC grew its holdings in Occidental Petroleum by 2.8% during the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock worth $442,000 after buying an additional 220 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company’s OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.