Occidental Petroleum (NYSE:OXY) Shares Up 0.2%

Occidental Petroleum Co. (NYSE:OXY) was up 0.2% during mid-day trading on Monday . The company traded as high as $51.91 and last traded at $51.15. Approximately 3,328,587 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 8,545,387 shares. The stock had previously closed at $51.05.

Analysts Set New Price Targets

Several equities analysts have commented on OXY shares. Scotiabank lowered their target price on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Wells Fargo & Company cut their price objective on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Mizuho decreased their target price on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research report on Monday. UBS Group boosted their price objective on shares of Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Truist Financial lowered their price target on Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Nine equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $72.33.

Occidental Petroleum Price Performance

The company has a fifty day moving average price of $57.85 and a two-hundred day moving average price of $61.58. 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 company has a market cap of $45.28 billion, a price-to-earnings ratio of 13.98 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, beating the consensus estimate of $0.77 by $0.26. The firm had revenue of $6.88 billion for 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%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 EPS. As a group, equities research analysts anticipate that Occidental Petroleum Co. will post 3.71 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is 24.04%.

Insider Activity

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of Occidental Petroleum

Hedge funds have recently modified their holdings of the stock. Investment Research & Advisory Group Inc. boosted its stake in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares during the last quarter. LifeSteps Financial Inc. acquired a new stake in shares of Occidental Petroleum during the first quarter worth $34,000. Able Wealth Management LLC bought a new stake in Occidental Petroleum in the fourth quarter valued at about $38,000. New Covenant Trust Company N.A. acquired a new position in Occidental Petroleum in the first quarter valued at about $44,000. Finally, LRI Investments LLC bought a new position in Occidental Petroleum during the first quarter worth about $44,000. 88.70% of the stock is owned by institutional investors.

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.