Shares of Occidental Petroleum Co. (NYSE:OXY – Get Free Report) traded down 0.1% on Friday after Scotiabank lowered their price target on the stock from $90.00 to $80.00. Scotiabank currently has a sector outperform rating on the stock. Occidental Petroleum traded as low as $61.14 and last traded at $61.42. 824,093 shares changed hands during trading, a decline of 90% from the average session volume of 7,858,846 shares. The stock had previously closed at $61.48.
Several other research analysts also recently commented on OXY. Mizuho raised their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. HSBC assumed coverage on Occidental Petroleum in a research note on Monday, April 8th. They issued a “hold” rating and a $65.00 target price for the company. Wells Fargo & Company cut their target price on Occidental Petroleum from $69.00 to $68.00 and set an “equal weight” rating for the company in a research note on Friday. Morgan Stanley raised their target price on Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Truist Financial downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and cut their target price for the stock from $84.00 to $69.00 in a research note on Thursday, May 16th. Eleven equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $71.67.
Insiders Place Their Bets
In related news, major shareholder Berkshire Hathaway Inc purchased 524,340 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were acquired at an average cost of $59.75 per share, with a total value of $31,329,315.00. Following the purchase, the insider now directly owns 248,542,468 shares of the company’s stock, valued at $14,850,412,463. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have purchased 4,656,747 shares of company stock valued at $278,664,028 in the last ninety days. Company insiders own 0.31% of the company’s stock.
Institutional Investors Weigh In On Occidental Petroleum
Large investors have recently made changes to their positions in the business. Berkshire Hathaway Inc boosted 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 valued at $14,552,271,000 after purchasing an additional 19,586,612 shares in the last quarter. American Century Companies Inc. boosted its position in shares of 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 purchasing an additional 1,922,656 shares in the last quarter. Pacer Advisors Inc. boosted 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 purchasing an additional 1,088,052 shares in the last quarter. Clean Energy Transition LLP bought a new stake in shares of Occidental Petroleum during the first quarter valued at approximately $67,601,000. Finally, 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 valued at $139,749,000 after purchasing an additional 797,894 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.
Occidental Petroleum Stock Down 0.4 %
The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $54.28 billion, a P/E ratio of 16.73 and a beta of 1.61. The company has a 50-day moving average of $62.05 and a two-hundred day moving average of $61.87.
Occidental Petroleum (NYSE:OXY – Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same period in the previous year, the company posted $1.09 earnings per share. The firm’s revenue was down 17.2% on a year-over-year basis. On average, research analysts predict that Occidental Petroleum Co. will post 3.91 EPS for the current year.
Occidental Petroleum Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Monday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.
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.