Occidental Petroleum (NYSE:OXY) Stock Price Up 0.4% – Time to Buy?

Occidental Petroleum Co. (NYSE:OXY)’s stock price rose 0.4% during trading on Friday . The company traded as high as $50.59 and last traded at $50.30. Approximately 2,469,435 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 9,112,502 shares. The stock had previously closed at $50.11.

Wall Street Analysts Forecast Growth

OXY has been the subject of a number of recent research reports. Scotiabank reduced their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. BMO Capital Markets cut their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. Truist Financial lowered their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Stephens restated an “overweight” rating and issued a $76.00 price target on shares of Occidental Petroleum in a research note on Thursday, August 8th. Finally, Wolfe Research began coverage on Occidental Petroleum in a research report on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $65.72.

Occidental Petroleum Trading Down 1.1 %

The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average is $52.82 and its 200-day moving average is $58.58. The stock has a market capitalization of $44.89 billion, a price-to-earnings ratio of 12.21 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.68 EPS. Research analysts anticipate that Occidental Petroleum Co. will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the 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 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently bought and sold shares of OXY. CapWealth Advisors LLC boosted its stake in shares of Occidental Petroleum by 2.7% in the first quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock valued at $397,000 after purchasing an additional 162 shares during the period. Meeder Advisory Services Inc. grew its stake in shares of Occidental Petroleum by 2.0% in the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after acquiring an additional 164 shares in the last quarter. Earnest Partners LLC increased its position in shares of Occidental Petroleum by 2.6% during the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock worth $445,000 after acquiring an additional 173 shares during the period. Proficio Capital Partners LLC raised its stake in shares of Occidental Petroleum by 0.8% in the first quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock valued at $1,359,000 after acquiring an additional 175 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI raised its stake in shares of Occidental Petroleum by 2.0% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock valued at $573,000 after acquiring an additional 175 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.