Occidental Petroleum (NYSE:OXY) Shares Up 1% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY) was up 1% during mid-day trading on Monday . The stock traded as high as $48.46 and last traded at $48.41. Approximately 2,339,556 shares traded hands during trading, a decline of 77% from the average daily volume of 9,959,885 shares. The stock had previously closed at $47.94.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Citigroup reduced their price objective on shares of Occidental Petroleum from $56.00 to $51.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Raymond James downgraded shares of Occidental Petroleum from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $81.00 to $64.00 in a research report on Monday, March 10th. Stephens reiterated an “overweight” rating and set a $71.00 price objective on shares of Occidental Petroleum in a research report on Wednesday, February 19th. Mizuho reduced their target price on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, December 16th. Finally, JPMorgan Chase & Co. lowered their price target on Occidental Petroleum from $59.00 to $52.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $60.45.

Occidental Petroleum Price Performance

The stock’s fifty day moving average is $48.61 and its 200-day moving average is $49.98. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.76. The stock has a market capitalization of $44.94 billion, a P/E ratio of 19.62 and a beta of 1.51.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.13. The business had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. On average, equities analysts anticipate that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 10th will be issued a dividend of $0.24 per share. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Monday, March 10th. Occidental Petroleum’s dividend payout ratio is currently 39.34%.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the stock in a transaction on Friday, February 7th. The shares were purchased at an average price of $46.82 per share, with a total value of $35,724,455.94. Following the acquisition, the insider now directly owns 264,941,431 shares of the company’s stock, valued at $12,404,557,799.42. This represents a 0.29 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently modified their holdings of the business. Wellington Management Group LLP raised its stake in Occidental Petroleum by 5.0% during the 4th quarter. Wellington Management Group LLP now owns 108,232 shares of the oil and gas producer’s stock valued at $5,348,000 after purchasing an additional 5,160 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Occidental Petroleum by 25.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 95,888 shares of the oil and gas producer’s stock valued at $4,738,000 after buying an additional 19,734 shares during the last quarter. PKO Investment Management Joint Stock Co bought a new stake in shares of Occidental Petroleum in the fourth quarter valued at about $1,144,000. Northstar Financial Companies Inc. acquired a new position in Occidental Petroleum in the 4th quarter valued at approximately $486,000. Finally, Siemens Fonds Invest GmbH lifted its position in shares of Occidental Petroleum by 30.0% in the 4th quarter. Siemens Fonds Invest GmbH now owns 43,293 shares of the oil and gas producer’s stock worth $2,139,000 after acquiring an additional 10,003 shares during the period. 88.70% of the stock is owned by institutional investors.

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.