Occidental Petroleum (NYSE:OXY) Shares Down 0.1%

Occidental Petroleum Co. (NYSE:OXY) shares dropped 0.1% on Thursday . The stock traded as low as $61.87 and last traded at $62.32. Approximately 4,119,048 shares traded hands during trading, a decline of 46% from the average daily volume of 7,619,871 shares. The stock had previously closed at $62.36.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on OXY shares. Barclays started coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price target for the company. Morgan Stanley increased their price target on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Truist Financial cut shares of Occidental Petroleum from a “buy” rating to a “hold” rating and cut their price target for the stock from $84.00 to $69.00 in a report on Thursday, May 16th. Mizuho increased their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Finally, HSBC started coverage on shares of Occidental Petroleum in a report on Monday, April 8th. They set a “hold” rating and a $65.00 price target for the company. Eleven analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $71.56.

Occidental Petroleum Stock Performance

The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The stock’s 50 day moving average price is $62.66 and its two-hundred day moving average price is $61.83. The firm has a market capitalization of $55.26 billion, a PE ratio of 17.03 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.70 billion. During the same period last year, the company posted $1.09 EPS. The company’s revenue was down 17.2% on a year-over-year basis. On average, equities analysts expect that Occidental Petroleum Co. will post 3.88 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.41%. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc bought 524,340 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were purchased at an average price of $59.75 per share, for a total transaction of $31,329,315.00. Following the completion of the transaction, the insider now owns 248,542,468 shares in the company, valued at $14,850,412,463. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have bought 4,656,747 shares of company stock worth $278,664,028. 0.48% of the stock is owned by insiders.

Institutional Trading of Occidental Petroleum

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in shares of Occidental Petroleum by 44.9% in the 2nd quarter. GAMMA Investing LLC now owns 5,193 shares of the oil and gas producer’s stock valued at $327,000 after purchasing an additional 1,610 shares during the last quarter. Keynote Financial Services LLC acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at $2,156,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of Occidental Petroleum by 3.9% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 114,844 shares of the oil and gas producer’s stock valued at $7,431,000 after purchasing an additional 4,332 shares during the last quarter. Cetera Advisors LLC boosted its holdings in shares of Occidental Petroleum by 48.1% in the 1st quarter. Cetera Advisors LLC now owns 44,813 shares of the oil and gas producer’s stock valued at $2,912,000 after purchasing an additional 14,546 shares during the last quarter. Finally, Atria Investments Inc boosted its holdings in shares of Occidental Petroleum by 4.2% in the 1st quarter. Atria Investments Inc now owns 91,676 shares of the oil and gas producer’s stock valued at $5,957,000 after purchasing an additional 3,674 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.