Occidental Petroleum (NYSE:OXY) Shares Up 0.1% – Still a Buy?

Shares of Occidental Petroleum Co. (NYSE:OXY) shot up 0.1% on Wednesday . The stock traded as high as $50.47 and last traded at $50.14. 2,056,290 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 9,110,854 shares. The stock had previously closed at $50.08.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on OXY shares. Mizuho dropped their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Barclays reduced their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Scotiabank decreased their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Truist Financial dropped their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Finally, Evercore ISI decreased their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research note on Monday, September 30th. Two equities 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $65.72.

Occidental Petroleum Stock Performance

The firm has a market capitalization of $45.40 billion, a PE ratio of 12.35 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 simple moving average of $53.21 and a 200-day simple moving average of $58.89.

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

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Fortitude Family Office LLC lifted its stake in shares of Occidental Petroleum by 160.0% in 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 last quarter. New Covenant Trust Company N.A. acquired a new stake in Occidental Petroleum during the 1st quarter worth approximately $44,000. LRI Investments LLC purchased a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $44,000. Strategic Financial Concepts LLC purchased a new stake in Occidental Petroleum during the second quarter worth about $53,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Occidental Petroleum in the third quarter valued at $87,000. Institutional investors and hedge funds 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.