Occidental Petroleum (NYSE:OXY) Stock Price Down 1.5%

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded down 1.5% during trading on Wednesday . The stock traded as low as $62.11 and last traded at $62.17. 1,132,218 shares traded hands during trading, a decline of 86% from the average session volume of 8,064,214 shares. The stock had previously closed at $63.10.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Susquehanna boosted their price objective on Occidental Petroleum from $70.00 to $81.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Scotiabank upgraded Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $63.00 to $90.00 in a research note on Thursday, April 11th. HSBC initiated coverage on Occidental Petroleum in a research note on Monday, April 8th. They set a “hold” rating and a $65.00 price objective for the company. Finally, Mizuho upped their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Eleven investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $71.56.

Occidental Petroleum Stock Down 0.3 %

The firm has a fifty day moving average of $63.08 and a 200 day moving average of $61.65. The stock has a market cap of $55.59 billion, a PE ratio of 17.13 and a beta of 1.59. The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82.

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

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be issued a dividend of $0.22 per share. 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 24.04%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of the company’s stock in a transaction on Friday, June 7th. The shares were bought at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the acquisition, the insider now owns 250,583,605 shares in the company, valued at approximately $14,952,323,710.35. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have bought 4,656,747 shares of company stock valued at $278,664,028. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the stock. SeaCrest Wealth Management LLC increased its stake in shares of Occidental Petroleum by 8.9% during the 4th quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock worth $343,000 after purchasing an additional 474 shares in the last quarter. Cullen Investment Group LTD. purchased a new stake in shares of Occidental Petroleum during the 4th quarter valued at $1,006,000. Koshinski Asset Management Inc. grew its stake in shares of Occidental Petroleum by 53.9% during the 4th quarter. Koshinski Asset Management Inc. now owns 48,179 shares of the oil and gas producer’s stock valued at $2,877,000 after buying an additional 16,871 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Occidental Petroleum by 1,279.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer’s stock valued at $13,847,000 after buying an additional 215,091 shares during the period. Finally, Bridgefront Capital LLC purchased a new stake in shares of Occidental Petroleum during the 4th quarter valued at $763,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.