Occidental Petroleum Co. (NYSE:OXY – Get Free Report) shares dropped 0.5% during mid-day trading on Wednesday after UBS Group lowered their price target on the stock from $70.00 to $59.00. UBS Group currently has a neutral rating on the stock. Occidental Petroleum traded as low as $51.67 and last traded at $51.78. Approximately 1,691,849 shares changed hands during trading, a decline of 80% from the average daily volume of 8,562,762 shares. The stock had previously closed at $52.06.
Several other equities research analysts have also commented on the stock. Mizuho dropped their price target on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday. Scotiabank cut their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Wells Fargo & Company decreased their price target on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Truist Financial cut their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Finally, Citigroup decreased their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Nine analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $71.60.
Insiders Place Their Bets
In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.31% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in OXY. Bluefin Capital Management LLC boosted its stake in Occidental Petroleum by 3.7% in the 2nd quarter. Bluefin Capital Management LLC now owns 48,996 shares of the oil and gas producer’s stock worth $3,088,000 after purchasing an additional 1,730 shares during the period. Heritage Wealth Management Inc. purchased a new stake in shares of Occidental Petroleum in the second quarter valued at $418,000. Gordian Capital Singapore Pte Ltd boosted its position in shares of Occidental Petroleum by 300,000.0% in the second quarter. Gordian Capital Singapore Pte Ltd now owns 6,002 shares of the oil and gas producer’s stock worth $378,000 after buying an additional 6,000 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in shares of Occidental Petroleum during the second quarter valued at $110,000. Finally, KGH Ltd purchased a new stake in Occidental Petroleum in the 2nd quarter worth about $5,295,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.
Occidental Petroleum Price Performance
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 stock has a 50-day simple moving average of $57.48 and a 200 day simple moving average of $61.45. The stock has a market capitalization of $46.87 billion, a price-to-earnings ratio of 14.15 and a beta of 1.58.
Occidental Petroleum (NYSE:OXY – Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the firm posted $0.68 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. On average, equities research analysts forecast that Occidental Petroleum Co. will post 3.71 EPS for the current fiscal year.
Occidental Petroleum Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.70%. Occidental Petroleum’s dividend 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.