Occidental Petroleum (NYSE:OXY) Posts Earnings Results, Beats Estimates By $0.26 EPS

Occidental Petroleum (NYSE:OXY) announced its quarterly earnings data on Wednesday. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26, Briefing.com reports. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the company posted $0.68 EPS. The firm’s revenue was up 2.2% on a year-over-year basis.

Occidental Petroleum Stock Down 0.2 %

Shares of OXY stock traded down $0.12 on Friday, hitting $58.41. The stock had a trading volume of 7,596,926 shares, compared to its average volume of 7,989,383. The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82. Occidental Petroleum has a one year low of $55.04 and a one year high of $71.18. The business has a 50 day moving average price of $60.81 and a 200 day moving average price of $62.10. The company has a market cap of $51.79 billion, a PE ratio of 15.96 and a beta of 1.61.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Tuesday, September 10th. Occidental Petroleum’s payout ratio is 24.04%.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc bought 765,899 shares of the stock in a transaction on Wednesday, June 12th. The stock was bought at an average price of $60.28 per share, for a total transaction of $46,168,391.72. Following the completion of the acquisition, the insider now directly owns 252,333,913 shares in the company, valued at $15,210,688,275.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have acquired 4,656,747 shares of company stock valued at $278,664,028. Company insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Citigroup dropped their price objective on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Wolfe Research started coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They set an “outperform” rating and a $81.00 price target on the stock. Truist Financial dropped their price objective on shares of Occidental Petroleum from $69.00 to $67.00 and set a “hold” rating for the company in a research note on Monday, July 22nd. Wells Fargo & Company lowered 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 report on Friday. Finally, Mizuho boosted their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Ten equities research 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, the company currently has an average rating of “Hold” and an average target price of $72.06.

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.