Occidental Petroleum (NYSE:OXY) Shares Down 0.1% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s share price traded down 0.1% on Tuesday . The company traded as low as $50.21 and last traded at $50.52. 1,943,802 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 9,130,610 shares. The stock had previously closed at $50.56.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Truist Financial lowered their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Bank of America initiated coverage on Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price for the company. Evercore ISI reduced their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. The Goldman Sachs Group assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. Finally, Scotiabank cut their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $65.72.

Occidental Petroleum Stock Down 0.4 %

The company has a market capitalization of $46.38 billion, a PE ratio of 12.66 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The firm has a fifty day simple moving average of $52.44 and a 200-day simple moving average of $58.25.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating 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 firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.68 earnings per share. Equities research analysts anticipate that Occidental Petroleum Co. will post 3.29 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.72%. Occidental Petroleum’s payout ratio is 21.67%.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC raised its stake in Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 304 shares during the period. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth approximately $32,000. New Covenant Trust Company N.A. acquired a new position in Occidental Petroleum during the 1st quarter valued at approximately $44,000. LRI Investments LLC bought a new position in Occidental Petroleum during the 1st quarter worth $44,000. Finally, Exchange Traded Concepts LLC acquired a new stake in Occidental Petroleum in the third quarter worth $87,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.