Occidental Petroleum (NYSE:OXY) Shares Down 0.6%

Occidental Petroleum Co. (NYSE:OXY) traded down 0.6% during mid-day trading on Tuesday . The company traded as low as $56.81 and last traded at $57.01. 3,050,309 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 8,258,788 shares. The stock had previously closed at $57.37.

Wall Street Analyst Weigh In

OXY has been the topic of a number of research analyst reports. Mizuho boosted 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. Stephens reiterated an “overweight” rating and set a $76.00 price objective on shares of Occidental Petroleum in a report on Thursday, August 8th. Truist Financial dropped their target price on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Wells Fargo & Company dropped their price objective on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Finally, Citigroup reduced their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Ten research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $71.69.

Occidental Petroleum Stock Performance

The stock’s 50 day moving average is $60.08 and its two-hundred day moving average is $62.12. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The firm has a market capitalization of $50.34 billion, a P/E ratio of 15.51 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period last year, the business posted $0.68 earnings per share. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities analysts anticipate that Occidental Petroleum Co. will post 3.7 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s payout ratio is 24.04%.

Insider Transactions at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 334,461 shares of the business’s stock in a transaction on Monday, June 17th. The stock was purchased at an average price of $59.75 per share, for a total transaction of $19,984,044.75. Following the completion of the purchase, the insider now directly owns 255,281,524 shares in the company, valued at approximately $15,253,071,059. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 334,461 shares of the business’s stock in a transaction on Monday, June 17th. The stock was acquired at an average price of $59.75 per share, with a total value of $19,984,044.75. Following the acquisition, the insider now directly owns 255,281,524 shares of the company’s stock, valued at approximately $15,253,071,059. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The disclosure for this sale can be found here. Insiders have purchased a total of 4,656,747 shares of company stock worth $278,664,028 in the last 90 days. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of Occidental Petroleum

Several large investors have recently made changes to their positions in OXY. Atria Wealth Solutions Inc. grew its position in Occidental Petroleum by 4.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 30,366 shares of the oil and gas producer’s stock valued at $1,814,000 after acquiring an additional 1,180 shares during the last quarter. Mather Group LLC. increased its stake in shares of Occidental Petroleum by 6.6% in the fourth quarter. Mather Group LLC. now owns 17,932 shares of the oil and gas producer’s stock valued at $1,071,000 after buying an additional 1,112 shares during the period. Van ECK Associates Corp boosted its holdings in Occidental Petroleum by 18.1% in the fourth quarter. Van ECK Associates Corp now owns 27,240 shares of the oil and gas producer’s stock valued at $1,627,000 after acquiring an additional 4,176 shares during the last quarter. Kestra Private Wealth Services LLC grew its holdings in Occidental Petroleum by 12.0% during the 4th quarter. Kestra Private Wealth Services LLC now owns 12,592 shares of the oil and gas producer’s stock worth $752,000 after acquiring an additional 1,354 shares during the period. Finally, Norden Group LLC bought a new position in Occidental Petroleum during the fourth quarter worth $202,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.