Occidental Petroleum (NYSE:OXY) Sets New 1-Year Low at $50.53

Occidental Petroleum Co. (NYSE:OXY) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $50.53 and last traded at $50.57, with a volume of 2501241 shares traded. The stock had previously closed at $51.39.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Susquehanna cut their price target on Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Scotiabank cut their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Stephens reissued an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a report on Thursday, August 8th. UBS Group boosted their price target on Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, Wolfe Research assumed coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective on the stock. Ten analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $71.50.

Occidental Petroleum Trading Down 2.1 %

The company has a market capitalization of $45.54 billion, a price-to-earnings ratio of 13.68 and a beta of 1.58. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The business’s 50 day moving average price is $58.53 and its two-hundred day moving average price is $61.78.

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 analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. On average, equities analysts predict that Occidental Petroleum Co. will post 3.66 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be given a $0.22 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 annualized dividend and a yield of 1.75%. Occidental Petroleum’s dividend payout ratio is presently 24.04%.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 334,461 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was acquired at an average price of $59.75 per share, for a total transaction of $19,984,044.75. Following the acquisition, the insider now directly owns 255,281,524 shares in the company, valued at $15,253,071,059. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc purchased 334,461 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was bought at an average cost of $59.75 per share, with a total value of $19,984,044.75. Following the purchase, the insider now owns 255,281,524 shares of the company’s stock, valued at approximately $15,253,071,059. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Institutional Trading of Occidental Petroleum

Institutional investors have recently added to or reduced their stakes in the stock. Investment Research & Advisory Group Inc. boosted its stake in shares of Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 167 shares during the last quarter. LifeSteps Financial Inc. acquired a new stake in Occidental Petroleum during the 1st quarter worth about $34,000. Able Wealth Management LLC bought a new position in shares of Occidental Petroleum in the 4th quarter worth about $38,000. New Covenant Trust Company N.A. acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at about $44,000. Finally, LRI Investments LLC bought a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $44,000. 88.70% of the stock is currently owned by institutional investors.

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.