Traders Buy Occidental Petroleum Co. (OXY) on Weakness Following Insider Selling

Investors purchased shares of Occidental Petroleum Co. (NYSE:OXY) on weakness during trading hours on Thursday after an insider sold shares in the company. $58.88 million flowed into the stock on the tick-up and $35.19 million flowed out of the stock on the tick-down, for a money net flow of $23.69 million into the stock. Of all stocks tracked, Occidental Petroleum had the 11th highest net in-flow for the day. Occidental Petroleum traded down ($0.47) for the day and closed at $63.04Specifically, insider Vicki A. Hollub purchased 15,000 shares of the company’s stock in a transaction dated Monday, March 13th. The shares were purchased at an average price of $62.72 per share, with a total value of $940,800.00. Following the transaction, the insider now directly owns 76,018 shares of the company’s stock, valued at $4,767,848.96. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephen I. Chazen sold 4,000 shares of the business’s stock in a transaction on Thursday, January 26th. The shares were sold at an average price of $68.30, for a total value of $273,200.00. Following the sale, the director now owns 1,545,619 shares in the company, valued at $105,565,777.70. The disclosure for this sale can be found here. Insiders have sold a total of 52,000 shares of company stock worth $3,384,080 in the last ninety days. Insiders own 0.35% of the company’s stock.

A number of equities analysts have weighed in on OXY shares. BMO Capital Markets lowered Occidental Petroleum from an “outperform” rating to a “market perform” rating and set a $70.00 target price on the stock. in a research note on Wednesday, January 11th. They noted that the move was a valuation call. Jefferies Group LLC restated a “hold” rating and issued a $73.00 target price on shares of Occidental Petroleum in a research note on Friday, March 31st. Scotiabank reiterated a “hold” rating on shares of Occidental Petroleum in a research report on Friday, February 10th. Bank of America Corp lowered Occidental Petroleum from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 4th. Finally, Evercore ISI cut Occidental Petroleum to a “buy” rating in a report on Friday, March 3rd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $72.38.

The stock has a 50-day moving average price of $63.61 and a 200-day moving average price of $68.30. The stock’s market cap is $47.37 billion.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Thursday, February 9th. The oil and gas producer reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by $0.10. Occidental Petroleum had a negative return on equity of 3.40% and a negative net margin of 5.52%. The firm had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the previous year, the company earned ($0.17) earnings per share. The company’s revenue was down .6% compared to the same quarter last year. Analysts predict that Occidental Petroleum Co. will post $1.11 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Friday, March 10th were paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date was Wednesday, March 8th. Occidental Petroleum’s dividend payout ratio is presently -400.00%.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP acquired a new stake in Occidental Petroleum during the third quarter worth approximately $1,302,000. Nordea Investment Management AB increased its stake in Occidental Petroleum by 2.4% in the third quarter. Nordea Investment Management AB now owns 849,837 shares of the oil and gas producer’s stock worth $61,970,000 after buying an additional 19,902 shares during the last quarter. Quadrant Capital Management LLC increased its stake in Occidental Petroleum by 0.6% in the third quarter. Quadrant Capital Management LLC now owns 19,454 shares of the oil and gas producer’s stock worth $1,419,000 after buying an additional 125 shares during the last quarter. ING Groep NV acquired a new stake in Occidental Petroleum during the fourth quarter worth approximately $3,316,000. Finally, Univest Corp of Pennsylvania increased its stake in Occidental Petroleum by 0.6% in the third quarter. Univest Corp of Pennsylvania now owns 35,471 shares of the oil and gas producer’s stock worth $2,587,000 after buying an additional 204 shares during the last quarter. 80.07% of the stock is currently owned by hedge funds and other institutional investors.

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About Occidental Petroleum

Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.

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