Occidental Petroleum (NYSE:OXY) Trading Up 0.2% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY) rose 0.2% during mid-day trading on Thursday . The stock traded as high as $51.68 and last traded at $51.43. Approximately 1,855,944 shares traded hands during trading, a decline of 80% from the average daily volume of 9,103,521 shares. The stock had previously closed at $51.32.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on OXY shares. Mizuho lowered their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. BMO Capital Markets dropped their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. Truist Financial reduced their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday, September 30th. Barclays lowered their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, StockNews.com downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Saturday, October 5th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $65.72.

Occidental Petroleum Stock Performance

The stock has a market cap of $46.70 billion, a price-to-earnings ratio of 12.70 and a beta of 1.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The stock’s 50-day moving average is $53.59 and its 200-day moving average is $59.40.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 earnings per share. Analysts anticipate that Occidental Petroleum Co. will post 3.31 EPS for the current fiscal year.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.31% of the stock is owned by company insiders.

Institutional Investors Weigh In On Occidental Petroleum

Several large investors have recently made changes to their positions in OXY. Himalaya Capital Management LLC purchased a new position in Occidental Petroleum in the second quarter valued at about $92,433,000. Clean Energy Transition LLP purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $67,601,000. Sarasin & Partners LLP acquired a new position in Occidental Petroleum during the 2nd quarter worth approximately $63,880,000. Scharf Investments LLC purchased a new position in Occidental Petroleum in the 2nd quarter worth approximately $42,744,000. Finally, American Century Companies Inc. grew its position in Occidental Petroleum by 16.8% in the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after acquiring an additional 532,318 shares in the last quarter. Institutional investors and hedge funds 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.