Occidental Petroleum (NYSE:OXY) Stock Price Down 4%

Occidental Petroleum Co. (NYSE:OXY) was down 4% during mid-day trading on Friday . The company traded as low as $56.88 and last traded at $57.03. Approximately 4,635,230 shares changed hands during trading, a decline of 41% from the average daily volume of 7,818,563 shares. The stock had previously closed at $59.38.

Analyst Ratings Changes

Several research analysts have weighed in on OXY shares. Wells Fargo & Company lowered their price objective on Occidental Petroleum from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Scotiabank cut their price objective on shares of Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Stephens lowered their target price on shares of Occidental Petroleum from $78.00 to $77.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Wolfe Research started coverage on Occidental Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective on the stock. Finally, Truist Financial cut their target price on Occidental Petroleum from $69.00 to $67.00 and set a “hold” rating for the company in a research report on Monday, July 22nd. Ten analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $72.31.

Occidental Petroleum Stock Performance

The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.95. The company has a 50 day moving average price of $61.37 and a 200 day moving average price of $62.08. The company has a market capitalization of $50.84 billion, a price-to-earnings ratio of 15.58 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, beating 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 firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same period last year, the firm earned $1.09 earnings per share. The business’s quarterly revenue was down 17.2% compared to the same quarter last year. Equities research analysts predict that Occidental Petroleum Co. will post 3.66 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued 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 1.53%. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average cost of $59.67 per share, with a total value of $82,752,981.48. Following the completion of the transaction, the insider now owns 250,583,605 shares of the company’s stock, valued at approximately $14,952,323,710.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders bought 4,656,747 shares of company stock worth $278,664,028. Insiders own 0.31% of the company’s stock.

Institutional Trading of Occidental Petroleum

Hedge funds have recently made changes to their positions in the company. Investment Research & Advisory Group Inc. boosted its stake in Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares during the period. Grove Bank & Trust grew its stake in Occidental Petroleum by 86.0% during the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after acquiring an additional 240 shares in the last quarter. Criterion Capital Advisors LLC bought a new stake in Occidental Petroleum during the 4th quarter worth approximately $34,000. LifeSteps Financial Inc. purchased a new stake in Occidental Petroleum in the 1st quarter worth approximately $34,000. Finally, Able Wealth Management LLC bought a new position in Occidental Petroleum in the 4th quarter valued at $38,000. 88.70% of the stock is currently owned by institutional investors.

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.