Occidental Petroleum (NYSE:OXY) Stock Price Down 1.3%

Occidental Petroleum Co. (NYSE:OXY)’s share price fell 1.3% during trading on Wednesday . The company traded as low as $56.70 and last traded at $56.71. 3,514,203 shares were traded during mid-day trading, a decline of 56% from the average session volume of 8,036,052 shares. The stock had previously closed at $57.46.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Mizuho increased their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Wolfe Research assumed coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 price objective on the stock. Wells Fargo & Company reduced their target price on shares of Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Citigroup reduced their price target on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a report on Friday, May 24th. Finally, Susquehanna lifted their target price on Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Ten research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $71.94.

Occidental Petroleum Stock Performance

The business has a 50 day simple moving average of $60.73 and a 200 day simple moving average of $62.17. The company has a market capitalization of $50.54 billion, a PE ratio of 15.49 and a beta of 1.61. 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 (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the previous year, the firm earned $0.68 EPS. Occidental Petroleum’s revenue was up 2.2% on a year-over-year basis. Equities research analysts predict that Occidental Petroleum Co. will post 3.6 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be given a $0.22 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.54%. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 1,060,653 shares of Occidental Petroleum stock in a transaction dated Friday, June 14th. The shares were acquired at an average cost of $59.59 per share, for a total transaction of $63,204,312.27. Following the completion of the transaction, the insider now directly owns 254,947,063 shares of the company’s stock, valued at $15,192,295,484.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders have purchased 4,656,747 shares of company stock worth $278,664,028. 0.31% of the stock is owned by company insiders.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the stock. Cerity Partners LLC boosted its holdings in shares of Occidental Petroleum by 42.3% in the 4th quarter. Cerity Partners LLC now owns 34,958 shares of the oil and gas producer’s stock valued at $2,087,000 after buying an additional 10,387 shares during the period. Simplicity Solutions LLC lifted its stake in Occidental Petroleum by 10.4% during the fourth quarter. Simplicity Solutions LLC now owns 9,151 shares of the oil and gas producer’s stock valued at $546,000 after buying an additional 861 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in Occidental Petroleum in the 4th quarter worth about $2,382,000. Grove Bank & Trust boosted its stake in shares of Occidental Petroleum by 86.0% during the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 240 shares during the period. Finally, Cullen Investment Group LTD. bought a new position in shares of Occidental Petroleum during the 4th quarter valued at $1,006,000. 88.70% of the stock is currently owned by hedge funds and other 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.