Occidental Petroleum (NYSE:OXY) Shares Up 0.4% – Time to Buy?

Occidental Petroleum Co. (NYSE:OXY) shares were up 0.4% during mid-day trading on Friday . The company traded as high as $50.59 and last traded at $50.30. Approximately 2,469,435 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 9,112,502 shares. The stock had previously closed at $50.11.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. StockNews.com lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Saturday, October 5th. Stephens restated an “overweight” rating and issued a $76.00 price target on shares of Occidental Petroleum in a research report on Thursday, August 8th. Susquehanna cut their price objective on shares of 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 shares of Occidental Petroleum in a research note on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 target price for the company. Finally, Bank of America initiated coverage on Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target for the company. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and an average target price of $65.72.

Occidental Petroleum Stock Performance

The stock’s 50 day moving average is $52.97 and its two-hundred day moving average is $58.77. The stock has a market capitalization of $45.16 billion, a price-to-earnings ratio of 12.39 and a beta of 1.57. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period last year, the company earned $0.68 earnings per share. Occidental Petroleum’s quarterly revenue was up 2.2% on a year-over-year basis. Analysts expect that Occidental Petroleum Co. will post 3.29 earnings per share for the current fiscal year.

Insider Activity at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the stock. First Trust Direct Indexing L.P. grew its holdings in Occidental Petroleum by 9.9% in the 1st quarter. First Trust Direct Indexing L.P. now owns 20,755 shares of the oil and gas producer’s stock valued at $1,349,000 after buying an additional 1,865 shares in the last quarter. J.W. Cole Advisors Inc. boosted its holdings in Occidental Petroleum by 7.1% in the 1st quarter. J.W. Cole Advisors Inc. now owns 9,167 shares of the oil and gas producer’s stock valued at $596,000 after purchasing an additional 609 shares during the period. Mission Wealth Management LP grew its position in shares of Occidental Petroleum by 34.6% during the 1st quarter. Mission Wealth Management LP now owns 4,865 shares of the oil and gas producer’s stock worth $316,000 after purchasing an additional 1,251 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Occidental Petroleum by 34.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 129,495 shares of the oil and gas producer’s stock worth $8,152,000 after purchasing an additional 33,453 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. raised its position in shares of Occidental Petroleum by 9.2% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 19,001 shares of the oil and gas producer’s stock valued at $1,235,000 after buying an additional 1,602 shares in the last quarter. 88.70% of the stock is currently 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.