Occidental Petroleum (NYSE:OXY) Trading 1.6% Higher – Here’s What Happened

by · The Cerbat Gem

Occidental Petroleum Co. (NYSE:OXY – Get Free Report)’s share price was up 1.6% during trading on Friday . The company traded as high as $46.32 and last traded at $46.18. Approximately 3,200,248 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 11,147,556 shares. The stock had previously closed at $45.45.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on OXY shares. The Goldman Sachs Group cut shares of Occidental Petroleum from a “neutral” rating to a “sell” rating and cut their target price for the company from $54.00 to $45.00 in a report on Friday, January 31st. Truist Financial lifted their target price on shares of Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a report on Monday, January 13th. StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday, February 27th. UBS Group lifted their price objective on shares of Occidental Petroleum from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Finally, Wells Fargo & Company reiterated an “equal weight” rating on shares of Occidental Petroleum in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $60.68.

View Our Latest Report on OXY

Occidental Petroleum Stock Up 2.3 %

The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. The firm’s 50-day moving average is $49.03 and its 200 day moving average is $50.44. The firm has a market capitalization of $43.65 billion, a PE ratio of 19.06 and a beta of 1.51.

Occidental Petroleum (NYSE:OXY – Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, topping the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business had revenue of $6.84 billion for the quarter, compared to analyst estimates of $7.14 billion. As a group, research analysts forecast that Occidental Petroleum Co. will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 10th will be given a $0.24 dividend. The ex-dividend date is Monday, March 10th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.06%. Occidental Petroleum’s payout ratio is currently 39.34%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The stock was purchased at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the purchase, the insider now owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders have acquired 6,854,394 shares of company stock worth $315,101,532 in the last three months. Corporate insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Berkshire Hathaway Inc raised its stake in Occidental Petroleum by 3.5% in the 4th quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer’s stock valued at $13,053,055,000 after purchasing an additional 8,896,890 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Occidental Petroleum by 18.1% during the 4th quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock worth $3,365,992,000 after acquiring an additional 10,434,098 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Occidental Petroleum by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer’s stock worth $701,816,000 after acquiring an additional 398,467 shares during the period. H&H International Investment LLC lifted its holdings in shares of Occidental Petroleum by 497.7% during the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after acquiring an additional 7,680,598 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Occidental Petroleum by 7.5% during the 4th quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock worth $349,085,000 after acquiring an additional 491,797 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

(Get Free Report)

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.

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