Occidental Petroleum (NYSE:OXY) Shares Down 0.1%

Shares of Occidental Petroleum Co. (NYSE:OXY) dropped 0.1% during trading on Thursday . The stock traded as low as $61.87 and last traded at $62.32. Approximately 4,119,048 shares were traded during trading, a decline of 46% from the average daily volume of 7,619,871 shares. The stock had previously closed at $62.36.

Analyst Upgrades and Downgrades

OXY has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of Occidental Petroleum from $68.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday, June 21st. Morgan Stanley increased their target price on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. HSBC initiated coverage on shares of Occidental Petroleum in a research note on Monday, April 8th. They set a “hold” rating and a $65.00 target price for the company. Barclays assumed coverage on shares of Occidental Petroleum in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 target price for the company. Finally, Truist Financial downgraded shares of Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their price target for the company from $84.00 to $69.00 in a research report on Thursday, May 16th. Eleven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $71.56.

Occidental Petroleum Trading Down 0.1 %

The business’s 50-day simple moving average is $62.66 and its 200-day simple moving average is $61.83. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The company has a market cap of $55.26 billion, a PE ratio of 17.03 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same period last year, the business posted $1.09 EPS. Occidental Petroleum’s revenue was down 17.2% compared to the same quarter last year. As a group, analysts expect that Occidental Petroleum Co. will post 3.88 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be paid a $0.22 dividend. The ex-dividend date is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.41%. Occidental Petroleum’s payout ratio is presently 24.04%.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of Occidental Petroleum stock in a transaction on Friday, June 7th. The stock was purchased at an average cost of $59.67 per share, with a total value of $82,752,981.48. Following the acquisition, the insider now directly owns 250,583,605 shares in the company, valued at $14,952,323,710.35. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders purchased a total of 4,656,747 shares of company stock valued at $278,664,028 in the last ninety days. Company insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

A number of hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC lifted its holdings in shares of Occidental Petroleum by 3.9% during the 3rd quarter. AQR Capital Management LLC now owns 111,118 shares of the oil and gas producer’s stock worth $7,209,000 after acquiring an additional 4,164 shares during the period. Glenmede Trust Co. NA lifted its holdings in shares of Occidental Petroleum by 3.6% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,533 shares of the oil and gas producer’s stock worth $748,000 after acquiring an additional 406 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Occidental Petroleum by 1.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 30,440 shares of the oil and gas producer’s stock worth $1,975,000 after acquiring an additional 534 shares during the period. AXQ Capital LP bought a new position in shares of Occidental Petroleum during the 3rd quarter worth about $227,000. Finally, Earnest Partners LLC lifted its holdings in shares of Occidental Petroleum by 377.1% during the 3rd quarter. Earnest Partners LLC now owns 31,853 shares of the oil and gas producer’s stock worth $2,067,000 after acquiring an additional 25,176 shares during the period. 88.70% of the stock is owned by institutional investors.

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.