Occidental Petroleum (NYSE:OXY) Trading Down 0.8%

Occidental Petroleum Co. (NYSE:OXY)’s share price was down 0.8% on Monday . The stock traded as low as $62.52 and last traded at $62.53. Approximately 1,513,680 shares changed hands during trading, a decline of 81% from the average daily volume of 8,021,956 shares. The stock had previously closed at $63.03.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on OXY shares. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Mizuho raised their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Scotiabank upgraded shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $63.00 to $90.00 in a research report on Thursday, April 11th. Truist Financial lowered shares of Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their target price for the company from $84.00 to $69.00 in a report on Thursday, May 16th. Finally, Citigroup reduced their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. Eleven 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 stock. According to data from MarketBeat, Occidental Petroleum has an average rating of “Hold” and a consensus target price of $71.56.

Occidental Petroleum Price Performance

The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $55.29 billion, a PE ratio of 17.04 and a beta of 1.61. The firm’s fifty day simple moving average is $62.86 and its 200-day simple moving average is $61.80.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the business posted $1.09 earnings per share. The business’s revenue for the quarter was down 17.2% on a year-over-year basis. On average, research analysts forecast that Occidental Petroleum Co. will post 3.88 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.88 annualized dividend and a yield of 1.41%. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 524,340 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was acquired at an average cost of $59.75 per share, for a total transaction of $31,329,315.00. Following the completion of the transaction, the insider now directly owns 248,542,468 shares in the company, valued at approximately $14,850,412,463. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders acquired 4,656,747 shares of company stock worth $278,664,028. 0.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the company. Berkshire Hathaway Inc lifted its holdings 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 buying an additional 19,586,612 shares in the last quarter. Pacer Advisors Inc. raised its stake in Occidental Petroleum by 22.2% during 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 in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Occidental Petroleum by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,699,722 shares of the oil and gas producer’s stock valued at $220,910,000 after purchasing an additional 82,360 shares in the last quarter. ANTIPODES PARTNERS Ltd raised its stake 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 valued at $139,749,000 after purchasing an additional 797,894 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Occidental Petroleum by 600.4% during 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 in the last quarter. 88.70% of the stock is currently owned by 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.