Occidental Petroleum (NYSE:OXY) Stock Price Up 0.3%

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on OXY. Wells Fargo & Company reduced their price objective on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Friday. Stephens reaffirmed an “overweight” rating and issued a $76.00 price objective on shares of Occidental Petroleum in a research note on Thursday. 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 report on Monday. Mizuho boosted their price target on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Finally, Susquehanna raised their price objective on Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $71.94.

Occidental Petroleum Price Performance

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

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.68 EPS. As a group, equities analysts forecast that Occidental Petroleum Co. will post 3.6 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.49%. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 524,340 shares of Occidental Petroleum stock in a transaction on Wednesday, June 5th. The stock was acquired at an average price of $59.75 per share, with a total value of $31,329,315.00. Following the completion of the acquisition, 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 legal filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have purchased 4,656,747 shares of company stock valued at $278,664,028. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Investment Research & Advisory Group Inc. increased its stake in shares of Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares during the last quarter. Grove Bank & Trust increased its position in Occidental Petroleum by 86.0% during the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 240 shares during the last quarter. Criterion Capital Advisors LLC purchased a new position in Occidental Petroleum during the fourth quarter worth about $34,000. LifeSteps Financial Inc. purchased a new stake in shares of Occidental Petroleum in the 1st quarter valued at approximately $34,000. Finally, Able Wealth Management LLC acquired a new stake in shares of Occidental Petroleum during the 4th quarter worth approximately $38,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.