Shares of Occidental Petroleum Co. (NYSE:OXY – Get Free Report) were down 1.4% on Monday after Truist Financial lowered their price target on the stock from $69.00 to $67.00. Truist Financial currently has a hold rating on the stock. Occidental Petroleum traded as low as $61.56 and last traded at $62.24. Approximately 2,535,730 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 7,856,996 shares. The stock had previously closed at $63.13.
A number of other equities research analysts have also recently weighed in on the company. Wolfe Research began coverage on Occidental Petroleum in a research note on Thursday. They set an “outperform” rating and a $81.00 price objective for the company. Barclays assumed coverage on Occidental Petroleum in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective for the company. Morgan Stanley upped their target price on Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Scotiabank reduced their target price on 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. Finally, Citigroup reduced their target price on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th. 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 stock. Based on data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and an average target price of $72.31.
Insiders Place Their Bets
In other news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the stock in a transaction dated Friday, June 7th. The shares were purchased at an average cost of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the purchase, the insider now directly owns 250,583,605 shares of the company’s stock, valued at approximately $14,952,323,710.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last three months, insiders bought 4,656,747 shares of company stock worth $278,664,028. Corporate insiders own 0.31% of the company’s stock.
Institutional Trading of Occidental Petroleum
A number of hedge funds have recently bought and sold shares of OXY. Berkshire Hathaway Inc grew its position in Occidental Petroleum by 8.7% in 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 acquiring an additional 19,586,612 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Occidental Petroleum by 22.2% in the 4th 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 during the last quarter. Clean Energy Transition LLP acquired a new stake in shares of Occidental Petroleum during the 1st quarter worth about $67,601,000. Sarasin & Partners LLP acquired a new stake in shares of Occidental Petroleum during the 2nd quarter worth about $63,880,000. Finally, ANTIPODES PARTNERS Ltd increased its position in shares of Occidental Petroleum by 51.7% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 2,340,465 shares of the oil and gas producer’s stock worth $139,749,000 after purchasing an additional 797,894 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.
Occidental Petroleum Stock Down 3.0 %
The business has a 50-day moving average of $61.84 and a 200-day moving average of $61.99. 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 capitalization of $54.27 billion, a price-to-earnings ratio of 16.95 and a beta of 1.61.
Occidental Petroleum (NYSE:OXY – Get Free Report) last released its 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. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $6.70 billion. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. Occidental Petroleum’s revenue was down 17.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.09 EPS. On average, sell-side analysts expect that Occidental Petroleum Co. will post 3.82 EPS for the current year.
Occidental Petroleum Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, June 10th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.44%. The ex-dividend date was Monday, June 10th. Occidental Petroleum’s payout ratio is 24.04%.
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.