Occidental Petroleum (NYSE:OXY) Shares Down 0.8% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY)’s share price dropped 0.8% during mid-day trading on Wednesday . The stock traded as low as $51.63 and last traded at $51.67. Approximately 1,364,890 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 9,105,604 shares. The stock had previously closed at $52.10.

Wall Street Analyst Weigh In

OXY has been the subject of several research reports. Susquehanna decreased their price target on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Wells Fargo & Company decreased their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Wolfe Research initiated coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price target for the company. Bank of America initiated coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target for the company. Finally, Truist Financial decreased their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $65.72.

Occidental Petroleum Stock Performance

The business’s fifty day moving average price is $53.71 and its 200-day moving average price is $59.46. 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 stock has a market cap of $46.69 billion, a PE ratio of 12.71 and a beta of 1.57.

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. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 earnings per share. As a group, equities research analysts forecast that Occidental Petroleum Co. will post 3.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Occidental Petroleum

Large investors have recently added to or reduced their stakes in the company. Cutter & CO Brokerage Inc. increased its position in Occidental Petroleum by 32.5% in the third quarter. Cutter & CO Brokerage Inc. now owns 105,823 shares of the oil and gas producer’s stock worth $5,454,000 after purchasing an additional 25,927 shares during the last quarter. Fortitude Family Office LLC increased its position in Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the last quarter. Smithbridge Asset Management Inc. DE increased its position in Occidental Petroleum by 78.5% in the third quarter. Smithbridge Asset Management Inc. DE now owns 73,616 shares of the oil and gas producer’s stock worth $3,794,000 after purchasing an additional 32,369 shares during the last quarter. Carret Asset Management LLC increased its position in Occidental Petroleum by 52.0% in the third quarter. Carret Asset Management LLC now owns 8,581 shares of the oil and gas producer’s stock worth $442,000 after purchasing an additional 2,935 shares during the last quarter. Finally, Clear Harbor Asset Management LLC increased its position in Occidental Petroleum by 138.4% in the third quarter. Clear Harbor Asset Management LLC now owns 41,030 shares of the oil and gas producer’s stock worth $2,115,000 after purchasing an additional 23,816 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.