Occidental Petroleum (NYSE:OXY) Trading Up 0.9% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY) shot up 0.9% during trading on Friday . The stock traded as high as $55.35 and last traded at $55.27. 4,840,680 shares were traded during mid-day trading, a decline of 46% from the average session volume of 9,024,450 shares. The stock had previously closed at $54.79.

Analysts Set New Price Targets

Several brokerages recently commented on OXY. Stephens reissued an “overweight” rating and issued a $76.00 price target on shares of Occidental Petroleum in a report on Thursday, August 8th. Truist Financial cut their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday. Barclays cut their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday. Susquehanna reduced their target price on shares of Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Finally, Wolfe Research assumed coverage on shares of Occidental Petroleum in a research report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price for the company. One analyst has rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $67.31.

Occidental Petroleum Trading Up 1.7 %

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 company has a market cap of $50.44 billion, a PE ratio of 15.10 and a beta of 1.58. The company’s 50 day simple moving average is $55.17 and its two-hundred day simple moving average is $60.67.

Occidental Petroleum (NYSE:OXY) last announced 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. The company had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. Occidental Petroleum’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, sell-side analysts anticipate that Occidental Petroleum Co. will post 3.57 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.58%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insiders Place Their Bets

In other 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 completion of 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 document filed with the SEC, which can be accessed through the SEC website. 0.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CIBC Private Wealth Group LLC raised its holdings in Occidental Petroleum by 159.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 27,318 shares of the oil and gas producer’s stock worth $1,631,000 after purchasing an additional 16,793 shares in the last quarter. First Trust Advisors LP raised its stake in Occidental Petroleum by 10.8% in the 4th quarter. First Trust Advisors LP now owns 994,528 shares of the oil and gas producer’s stock valued at $59,383,000 after purchasing an additional 96,593 shares during the last quarter. Cetera Advisor Networks LLC increased its stake in shares of Occidental Petroleum by 10.3% during the 4th quarter. Cetera Advisor Networks LLC now owns 82,869 shares of the oil and gas producer’s stock valued at $4,948,000 after acquiring an additional 7,719 shares during the last quarter. Public Employees Retirement Association of Colorado increased its position in Occidental Petroleum by 1,467.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 100,533 shares of the oil and gas producer’s stock worth $6,003,000 after purchasing an additional 94,119 shares in the last quarter. Finally, Cibc World Markets Corp increased its position in Occidental Petroleum by 670.1% during the 4th quarter. Cibc World Markets Corp now owns 282,027 shares of the oil and gas producer’s stock worth $16,840,000 after purchasing an additional 245,405 shares in 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.