Occidental Petroleum (NYSE:OXY) Trading 0.2% Higher

Shares of Occidental Petroleum Co. (NYSE:OXY) traded up 0.2% during mid-day trading on Tuesday . The company traded as high as $61.24 and last traded at $61.10. 1,503,352 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 7,923,224 shares. The stock had previously closed at $60.95.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Morgan Stanley increased their price objective on Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. HSBC assumed coverage on Occidental Petroleum in a report on Monday, April 8th. They issued a “hold” rating and a $65.00 price objective for the company. Truist Financial downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and cut their target price for the stock from $84.00 to $69.00 in a research report on Thursday, May 16th. Finally, Citigroup cut their target price on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Eleven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $72.40.

Occidental Petroleum Price Performance

The business has a 50-day moving average price of $62.12 and a 200 day moving average price of $61.88. The company has a market cap of $54.51 billion, a price-to-earnings ratio of 16.80 and a beta of 1.61. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $6.70 billion. During the same quarter in the prior year, the firm earned $1.09 EPS. The company’s quarterly revenue was down 17.2% compared to the same quarter last year. As a group, research analysts expect that Occidental Petroleum Co. will post 3.88 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be issued a $0.22 dividend. The ex-dividend date is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.43%. Occidental Petroleum’s payout ratio is currently 24.04%.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 334,461 shares of Occidental Petroleum stock in a transaction dated Monday, June 17th. The stock was bought at an average price of $59.75 per share, for a total transaction of $19,984,044.75. Following the completion of the acquisition, the insider now directly owns 255,281,524 shares of the company’s stock, valued at $15,253,071,059. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders acquired 4,656,747 shares of company stock worth $278,664,028 over the last quarter. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

A number of hedge funds have recently modified their holdings of the business. Berkshire Hathaway Inc increased its stake in shares of Occidental Petroleum by 8.7% in the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after acquiring an additional 19,586,612 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Occidental Petroleum by 600.4% in the third quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock worth $145,520,000 after acquiring an additional 1,922,656 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Occidental Petroleum by 22.2% in the fourth quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer’s stock worth $357,977,000 after acquiring an additional 1,088,052 shares during the last quarter. Clean Energy Transition LLP acquired a new position in Occidental Petroleum during the first quarter worth $67,601,000. Finally, ANTIPODES PARTNERS Ltd increased its position in Occidental Petroleum by 51.7% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 2,340,465 shares of the oil and gas producer’s stock worth $139,749,000 after buying an additional 797,894 shares during the last quarter. 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.