Occidental Petroleum (NYSE:OXY) Trading 1.2% Higher Following Earnings Beat

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded up 1.2% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $48.89 and last traded at $48.64. 4,891,152 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 9,670,604 shares. The stock had previously closed at $48.06.

The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a net margin of 15.89% and a return on equity of 15.98%.

Analyst Ratings Changes

A number of analysts have recently issued reports on OXY shares. Stephens increased their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler lowered their price objective on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Citigroup decreased their target price on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 26th. TD Cowen cut their price objective on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Finally, Raymond James boosted their target price on shares of Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $61.71.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were bought at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the transaction, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders have bought 6,854,394 shares of company stock valued at $315,101,532 in the last ninety days. 0.31% of the stock is owned by company insiders.

Institutional Trading of Occidental Petroleum

A number of large investors have recently made changes to their positions in OXY. Fortitude Family Office LLC boosted its position in Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares during the period. Altshuler Shaham Ltd purchased a new stake in shares of Occidental Petroleum in the fourth quarter valued at approximately $26,000. VSM Wealth Advisory LLC bought a new position in Occidental Petroleum in the fourth quarter worth approximately $27,000. Whipplewood Advisors LLC purchased a new position in Occidental Petroleum during the 4th quarter worth $27,000. Finally, Mizuho Securities Co. Ltd. bought a new stake in Occidental Petroleum during the 3rd quarter valued at $32,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Up 1.9 %

The firm has a market cap of $45.96 billion, a P/E ratio of 12.75 and a beta of 1.55. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The business has a 50-day moving average price of $48.99 and a 200-day moving average price of $51.51.

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.