Occidental Petroleum (NYSE:OXY) Stock Price Up 1.4% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded up 1.4% on Thursday . The company traded as high as $54.75 and last traded at $54.64. 1,958,855 shares traded hands during trading, a decline of 78% from the average session volume of 9,096,682 shares. The stock had previously closed at $53.90.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OXY. Scotiabank decreased their price target on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday. Truist Financial dropped their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Evercore ISI reduced their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Wolfe Research initiated coverage on shares of 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, The Goldman Sachs Group initiated coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target on the stock. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $66.29.

Occidental Petroleum Trading Up 1.5 %

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 firm has a market capitalization of $48.52 billion, a price-to-earnings ratio of 14.95 and a beta of 1.57. The firm’s 50-day moving average is $54.74 and its 200 day moving average is $60.41.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. Occidental Petroleum’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.68 earnings per share. On average, equities analysts predict that Occidental Petroleum Co. will post 3.49 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 Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.61%. Occidental Petroleum’s payout ratio is 24.04%.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Visionary Wealth Advisors grew its stake in shares of Occidental Petroleum by 18.5% in the 4th quarter. Visionary Wealth Advisors now owns 18,579 shares of the oil and gas producer’s stock valued at $1,109,000 after buying an additional 2,905 shares during the period. LM Advisors LLC acquired a new stake in Occidental Petroleum in the fourth quarter valued at approximately $295,000. Cantor Fitzgerald L. P. increased its holdings in shares of Occidental Petroleum by 118.6% during the fourth quarter. Cantor Fitzgerald L. P. now owns 118,725 shares of the oil and gas producer’s stock valued at $7,089,000 after acquiring an additional 64,406 shares in the last quarter. Bridgefront Capital LLC bought a new position in shares of Occidental Petroleum in the 4th quarter worth $763,000. Finally, Bayesian Capital Management LP acquired a new stake in Occidental Petroleum in the 4th quarter valued at $4,262,000. 88.70% of the stock is owned by institutional investors.

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.