Occidental Petroleum (NYSE:OXY) Shares Up 0.3%

Occidental Petroleum Co. (NYSE:OXY) shares shot up 0.3% during mid-day trading on Monday . The company traded as high as $59.03 and last traded at $58.60. 1,765,946 shares were traded during mid-day trading, a decline of 78% from the average session volume of 7,949,090 shares. The stock had previously closed at $58.41.

Analyst Ratings Changes

A number of research analysts have recently commented on OXY shares. Scotiabank cut their price target on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Mizuho increased their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Wells Fargo & Company dropped their price objective on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Friday. Truist Financial reduced their target price on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a research note on Monday. Finally, Wolfe Research initiated coverage on Occidental Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target on the stock. Ten investment 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $71.94.

Occidental Petroleum Stock Up 1.0 %

The stock has a market capitalization of $52.29 billion, a P/E ratio of 16.01 and a beta of 1.61. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The firm’s fifty day moving average is $60.81 and its 200-day moving average is $62.17.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.26. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. Occidental Petroleum’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 EPS. As a group, equities research analysts predict that Occidental Petroleum Co. will post 3.6 earnings per share for the current 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 issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 annualized dividend and a yield of 1.49%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 524,340 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were acquired at an average price of $59.75 per share, with a total value of $31,329,315.00. Following the purchase, the insider now owns 248,542,468 shares of the company’s stock, valued at approximately $14,850,412,463. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought 4,656,747 shares of company stock valued at $278,664,028 in the last quarter. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several large investors have recently made changes to their positions in OXY. Swedbank AB acquired a new stake in Occidental Petroleum in the 1st quarter valued at approximately $12,547,000. Cullen Investment Group LTD. acquired a new stake in shares of Occidental Petroleum in the fourth quarter valued at approximately $1,006,000. Allspring Global Investments Holdings LLC lifted its position in shares of Occidental Petroleum by 139.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 78,529 shares of the oil and gas producer’s stock worth $5,104,000 after purchasing an additional 45,722 shares in the last quarter. Bridgefront Capital LLC acquired a new position in Occidental Petroleum during the fourth quarter worth $763,000. Finally, Alberta Investment Management Corp grew its position in Occidental Petroleum by 143.2% in the fourth quarter. Alberta Investment Management Corp now owns 36,475 shares of the oil and gas producer’s stock valued at $2,178,000 after purchasing an additional 21,475 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

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.