Occidental Petroleum (NYSE:OXY) Shares Down 0.1% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY)’s stock price was down 0.1% on Tuesday . The company traded as low as $50.31 and last traded at $50.60. Approximately 1,697,225 shares changed hands during trading, a decline of 81% from the average daily volume of 9,113,234 shares. The stock had previously closed at $50.63.

Analyst Ratings Changes

A number of research firms have commented on OXY. Evercore ISI decreased their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research note on Monday, September 30th. Barclays cut their price target on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. UBS Group dropped their target price on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Wells Fargo & Company reduced their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. Finally, The Goldman Sachs Group began coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $65.72.

Occidental Petroleum Stock Performance

The company has a 50-day moving average price of $53.33 and a 200-day moving average price of $59.02. 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 firm has a market capitalization of $45.35 billion, a price-to-earnings ratio of 12.46 and a beta of 1.57.

Occidental Petroleum (NYSE:OXY) last announced its 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 business had revenue of $6.88 billion during 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 quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $0.68 earnings per share. As a group, equities research analysts forecast that Occidental Petroleum Co. will post 3.31 earnings per share for the current year.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. American Century Companies Inc. boosted its position in shares of Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after acquiring an additional 532,318 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in shares of Occidental Petroleum by 20.1% during the second quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock valued at $104,707,000 after purchasing an additional 277,462 shares during the last quarter. Himalaya Capital Management LLC acquired a new stake in Occidental Petroleum in the second quarter worth about $92,433,000. Cooke & Bieler LP boosted its holdings in Occidental Petroleum by 53.1% during the second quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock worth $91,398,000 after buying an additional 503,173 shares during the last quarter. Finally, Clean Energy Transition LLP bought a new position in shares of Occidental Petroleum during the 1st quarter valued at about $67,601,000. 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.