Occidental Petroleum (NYSE:OXY) Trading Down 0.4%

Occidental Petroleum Co. (NYSE:OXY) traded down 0.4% during mid-day trading on Tuesday . The stock traded as low as $62.61 and last traded at $62.98. 1,366,117 shares were traded during mid-day trading, a decline of 83% from the average session volume of 8,081,040 shares. The stock had previously closed at $63.25.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. HSBC assumed coverage on shares of Occidental Petroleum in a report on Monday, April 8th. They issued a “hold” rating and a $65.00 price target on the stock. Mizuho upped their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Truist Financial downgraded shares of Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their price objective for the company from $84.00 to $69.00 in a research note on Thursday, May 16th. Citigroup reduced their price objective on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, May 24th. Finally, Morgan Stanley upped their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Eleven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $71.56.

Occidental Petroleum Stock Down 0.4 %

The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71. The firm’s 50-day moving average is $63.14 and its 200 day moving average is $61.64. The stock has a market cap of $55.74 billion, a price-to-earnings ratio of 17.18 and a beta of 1.59.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, topping the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same quarter in the prior year, the business posted $1.09 earnings per share. Occidental Petroleum’s revenue for the quarter was down 17.2% compared to the same quarter last year. Sell-side analysts anticipate that Occidental Petroleum Co. will post 3.88 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Monday, June 10th. Occidental Petroleum’s payout ratio is currently 24.04%.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the transaction, the insider now directly owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders acquired 4,656,747 shares of company stock valued at $278,664,028 over the last 90 days. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in OXY. Berkshire Hathaway Inc boosted 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 valued at $14,552,271,000 after purchasing an additional 19,586,612 shares during the period. American Century Companies Inc. boosted 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 valued at $145,520,000 after purchasing an additional 1,922,656 shares during the period. Pacer Advisors Inc. boosted 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 valued at $357,977,000 after purchasing an additional 1,088,052 shares during the period. Clean Energy Transition LLP purchased a new position in shares of Occidental Petroleum in the first quarter valued at $67,601,000. Finally, ANTIPODES PARTNERS Ltd boosted its stake in shares of Occidental Petroleum by 51.7% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 2,340,465 shares of the oil and gas producer’s stock valued at $139,749,000 after purchasing an additional 797,894 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.