Occidental Petroleum (NYSE:OXY) Trading 2% Higher

Occidental Petroleum Co. (NYSE:OXY) shares shot up 2% during mid-day trading on Monday . The company traded as high as $52.87 and last traded at $52.68. 3,701,813 shares traded hands during trading, a decline of 57% from the average session volume of 8,601,549 shares. The stock had previously closed at $51.64.

Wall Street Analysts Forecast Growth

OXY has been the subject of a number of research analyst reports. Wolfe Research initiated coverage on shares of Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective for the company. Truist Financial dropped their price target on shares of Occidental Petroleum from $67.00 to $65.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Scotiabank reduced their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Wells Fargo & Company decreased their price target on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Finally, Susquehanna lowered their price objective on Occidental Petroleum from $81.00 to $78.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $71.60.

Occidental Petroleum Stock Performance

The business has a fifty day moving average price of $56.91 and a 200-day moving average price of $61.26. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $46.22 billion, a P/E ratio of 14.39 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.68 EPS. On average, sell-side analysts expect that Occidental Petroleum Co. will post 3.71 EPS for the current year.

Occidental Petroleum Announces Dividend

The business also recently disclosed 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 of this dividend is Tuesday, September 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.69%. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Insider Buying and Selling

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently made changes to their positions in the company. Investment Research & Advisory Group Inc. raised its holdings in shares of Occidental Petroleum by 75.2% during 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 in the last quarter. LifeSteps Financial Inc. purchased a new position in shares of Occidental Petroleum in the 1st quarter worth $34,000. Able Wealth Management LLC bought a new stake in shares of Occidental Petroleum in the 4th quarter worth about $38,000. New Covenant Trust Company N.A. purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $44,000. Finally, LRI Investments LLC bought a new position in shares of Occidental Petroleum in the 1st quarter valued at about $44,000. 88.70% of the stock is currently owned by hedge funds and other 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.