Occidental Petroleum (NYSE:OXY) Trading Down 0.1% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY) was down 0.1% during trading on Tuesday . The stock traded as low as $50.31 and last traded at $50.60. Approximately 1,697,225 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 9,113,234 shares. The stock had previously closed at $50.63.

Analysts Set New Price Targets

A number of research firms have commented on OXY. Susquehanna lowered their price target on Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research report on Friday, October 18th. The Goldman Sachs Group started coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price for the company. Truist Financial dropped their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Bank of America began coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target on the stock. Finally, Evercore ISI decreased their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $65.72.

Occidental Petroleum Stock Performance

The company has a market cap of $45.38 billion, a PE ratio of 12.36 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 business has a 50-day moving average of $53.09 and a 200 day moving average of $58.83.

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

Insider Activity at Occidental Petroleum

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC increased its position in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares during the period. New Covenant Trust Company N.A. bought a new stake in shares of Occidental Petroleum in the 1st quarter valued at about $44,000. LRI Investments LLC acquired a new stake in Occidental Petroleum in the first quarter valued at approximately $44,000. Strategic Financial Concepts LLC purchased a new position in Occidental Petroleum in the second quarter worth $53,000. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Occidental Petroleum during the third quarter worth $87,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.