Occidental Petroleum (NYSE:OXY) Trading Down 0.8%

Occidental Petroleum Co. (NYSE:OXY)’s stock price dropped 0.8% during mid-day trading on Monday . The company traded as low as $62.52 and last traded at $62.53. Approximately 1,513,680 shares traded hands during trading, a decline of 81% from the average daily volume of 8,021,956 shares. The stock had previously closed at $63.03.

Analysts Set New Price Targets

Several research firms have commented on OXY. HSBC initiated coverage on Occidental Petroleum in a report on Monday, April 8th. They issued a “hold” rating and a $65.00 target price on the stock. Susquehanna raised their price objective on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Truist Financial downgraded shares of Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their price target for the company from $84.00 to $69.00 in a research report on Thursday, May 16th. Finally, Wells Fargo & Company increased their target price on Occidental Petroleum from $68.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday, June 21st. Eleven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $71.56.

Occidental Petroleum Stock Down 0.1 %

The company’s 50-day moving average price is $62.94 and its 200 day moving average price is $61.77. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.95. The stock has a market cap of $55.81 billion, a PE ratio of 17.08 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.70 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The firm’s revenue was down 17.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.09 earnings per share. As a group, analysts forecast that Occidental Petroleum Co. will post 3.88 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.88 annualized dividend and a yield of 1.40%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average cost of $59.67 per share, for a total transaction of $82,752,981.48. Following the purchase, the insider now owns 250,583,605 shares in the company, valued at approximately $14,952,323,710.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 4,656,747 shares of company stock worth $278,664,028 over the last quarter. 0.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Several large investors have recently added to or reduced their stakes in the company. Berkshire Hathaway Inc grew its position in shares of Occidental Petroleum by 8.7% during the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after purchasing an additional 19,586,612 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Occidental Petroleum by 22.2% during the fourth quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer’s stock valued at $357,977,000 after buying an additional 1,088,052 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Occidental Petroleum by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,699,722 shares of the oil and gas producer’s stock worth $220,910,000 after buying an additional 82,360 shares in the last quarter. ANTIPODES PARTNERS Ltd boosted its position in shares of Occidental Petroleum by 51.7% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 2,340,465 shares of the oil and gas producer’s stock worth $139,749,000 after acquiring an additional 797,894 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in Occidental Petroleum by 600.4% during the third quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock valued at $145,520,000 after acquiring an additional 1,922,656 shares in the last quarter. Hedge funds and other institutional investors 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.