Occidental Petroleum Co. (NYSE:OXY – Get Free Report)’s stock price dropped 0.9% on Friday after Wells Fargo & Company lowered their price target on the stock from $68.00 to $65.00. Wells Fargo & Company currently has an equal weight rating on the stock. Occidental Petroleum traded as low as $57.77 and last traded at $58.03. Approximately 1,884,080 shares traded hands during trading, a decline of 76% from the average daily volume of 7,952,164 shares. The stock had previously closed at $58.53.
A number of other analysts also recently issued reports on OXY. Susquehanna raised their price target on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Citigroup dropped their price target 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. Scotiabank cut their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Wolfe Research initiated coverage on Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective for the company. Finally, Mizuho boosted their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Ten analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $72.06.
Insider Buying and Selling at Occidental Petroleum
In related news, major shareholder Berkshire Hathaway Inc bought 334,461 shares of Occidental Petroleum stock in a transaction that occurred on Monday, June 17th. The shares were purchased at an average price of $59.75 per share, with a total value of $19,984,044.75. Following the purchase, the insider now owns 255,281,524 shares in the company, valued at $15,253,071,059. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders acquired 4,656,747 shares of company stock valued at $278,664,028. 0.31% of the stock is owned by company insiders.
Institutional Trading of Occidental Petroleum
Institutional investors have recently made changes to their positions in the stock. Berkshire Hathaway Inc grew its stake 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 purchasing an additional 19,586,612 shares in the last quarter. Clean Energy Transition LLP acquired a new stake in shares of Occidental Petroleum during the first quarter worth $67,601,000. Sarasin & Partners LLP bought a new position in shares of Occidental Petroleum in the 2nd quarter worth about $63,880,000. Scharf Investments LLC acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at about $42,744,000. Finally, TD Asset Management Inc raised its stake in Occidental Petroleum by 237.9% during the fourth quarter. TD Asset Management Inc now owns 756,862 shares of the oil and gas producer’s stock worth $45,192,000 after acquiring an additional 532,847 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.
Occidental Petroleum Stock Down 0.2 %
The stock has a market cap of $51.79 billion, a P/E ratio of 15.90 and a beta of 1.61. The stock’s fifty day simple moving average is $60.89 and its 200-day simple moving average is $62.09. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71.
Occidental Petroleum (NYSE:OXY – Get Free Report) last issued its earnings results 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 for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the company earned $0.68 earnings per share. On average, research analysts anticipate that Occidental Petroleum Co. will post 3.66 earnings per share for the current year.
Occidental Petroleum Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 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.