Occidental Petroleum (NYSE:OXY) Stock Price Down 0.8% – Here’s Why

Shares of Occidental Petroleum Co. (NYSE:OXY) were down 0.8% on Wednesday . The company traded as low as $51.63 and last traded at $51.67. Approximately 1,364,890 shares traded hands during trading, a decline of 85% from the average daily volume of 9,105,604 shares. The stock had previously closed at $52.10.

Analysts Set New Price Targets

A number of research analysts have weighed in on OXY shares. Bank of America started coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. UBS Group cut their price objective on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. 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 target price for the company. Barclays lowered their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Truist Financial lowered their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $65.72.

Occidental Petroleum Stock Up 0.4 %

The stock has a market capitalization of $46.69 billion, a PE ratio of 12.71 and a beta of 1.57. 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 company’s 50-day moving average is $53.71 and its 200 day moving average is $59.46.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.77 by $0.26. The firm 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% on a year-over-year basis. During the same period last year, the firm posted $0.68 EPS. As a group, analysts anticipate that Occidental Petroleum Co. will post 3.31 EPS for the current year.

Insiders Place Their Bets

In other Occidental Petroleum 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 transaction of $697,125,000.00. Following the completion of the transaction, the insider now directly 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. American Century Companies Inc. grew its stake in shares of Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after purchasing an additional 532,318 shares during the period. Epoch Investment Partners Inc. raised its holdings in shares of Occidental Petroleum by 20.1% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock worth $104,707,000 after acquiring an additional 277,462 shares during the period. Himalaya Capital Management LLC purchased a new stake in Occidental Petroleum in the 2nd quarter valued at about $92,433,000. Cooke & Bieler LP raised its holdings in Occidental Petroleum by 53.1% in the 2nd quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock valued at $91,398,000 after buying an additional 503,173 shares during the period. Finally, Clean Energy Transition LLP purchased a new stake in Occidental Petroleum in the 1st quarter valued at about $67,601,000. 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.