Occidental Petroleum (NYSE:OXY) Trading 0.7% Higher

Occidental Petroleum Co. (NYSE:OXY)’s stock price rose 0.7% during trading on Friday . The stock traded as high as $63.42 and last traded at $63.11. Approximately 1,204,305 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 8,015,516 shares. The stock had previously closed at $62.69.

Wall Street Analysts Forecast Growth

OXY has been the topic of several recent analyst reports. Scotiabank upgraded shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $63.00 to $90.00 in a research note on Thursday, April 11th. Wells Fargo & Company boosted their target price on shares of Occidental Petroleum from $68.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday, June 21st. Mizuho upped 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. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Finally, Truist Financial downgraded shares of Occidental Petroleum from a “buy” rating to a “hold” rating and reduced their price target for the stock from $84.00 to $69.00 in a research report on Thursday, May 16th. Eleven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Occidental Petroleum has an average rating of “Hold” and an average target price of $71.56.

Occidental Petroleum Trading Up 0.5 %

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 company has a market capitalization of $55.88 billion, a price-to-earnings ratio of 17.22 and a beta of 1.59. The business’s 50-day simple moving average is $62.94 and its 200-day simple moving average is $61.74.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the business posted $1.09 EPS. On average, research analysts expect that Occidental Petroleum Co. will post 3.88 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be paid a $0.22 dividend. The ex-dividend date is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.40%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the stock in a transaction dated Friday, June 7th. The stock was bought at an average cost of $59.67 per share, with a total value of $82,752,981.48. Following the purchase, the insider now directly owns 250,583,605 shares in the company, valued at approximately $14,952,323,710.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased a total of 4,656,747 shares of company stock valued at $278,664,028 in the last ninety days. 0.31% of the stock is owned by insiders.

Institutional Trading of Occidental Petroleum

A number of large investors have recently bought and sold shares of the business. Keynote Financial Services LLC bought a new stake in Occidental Petroleum during the 1st quarter worth approximately $2,156,000. DekaBank Deutsche Girozentrale increased its stake in Occidental Petroleum by 3.9% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 114,844 shares of the oil and gas producer’s stock worth $7,431,000 after purchasing an additional 4,332 shares in the last quarter. Cetera Advisors LLC grew its stake in shares of Occidental Petroleum by 48.1% during the 1st quarter. Cetera Advisors LLC now owns 44,813 shares of the oil and gas producer’s stock worth $2,912,000 after acquiring an additional 14,546 shares in the last quarter. Atria Investments Inc grew its stake in shares of Occidental Petroleum by 4.2% during the 1st quarter. Atria Investments Inc now owns 91,676 shares of the oil and gas producer’s stock worth $5,957,000 after acquiring an additional 3,674 shares in the last quarter. Finally, Swedbank AB bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $12,547,000. 88.70% of the stock is owned by institutional investors.

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.