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

Occidental Petroleum Co. (NYSE:OXY) was up 0.1% on Wednesday . The stock traded as high as $49.22 and last traded at $49.24. Approximately 1,186,313 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 10,194,847 shares. The stock had previously closed at $49.19.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Truist Financial lifted their price objective on Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Piper Sandler reduced their price objective on shares of Occidental Petroleum from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. Morgan Stanley set a $58.00 target price on shares of Occidental Petroleum and gave the stock an “overweight” rating in a research report on Wednesday, March 26th. Mizuho reduced their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Occidental Petroleum from $59.00 to $52.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $59.82.

Occidental Petroleum Stock Performance

The business’s fifty day moving average is $48.20 and its two-hundred day moving average is $49.85. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $46.27 billion, a PE ratio of 20.18 and a beta of 1.51.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.13. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. The firm had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. Equities research analysts predict that Occidental Petroleum Co. will post 3.58 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.95%. Occidental Petroleum’s payout ratio is currently 39.34%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of Occidental Petroleum stock in a transaction that occurred on Friday, February 7th. The stock was bought at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the transaction, the insider now owns 264,941,431 shares in the company, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of large investors have recently made changes to their positions in OXY. Berkshire Hathaway Inc boosted its holdings in shares of Occidental Petroleum by 3.5% in the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer’s stock worth $13,053,055,000 after buying an additional 8,896,890 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Occidental Petroleum by 18.1% during the 4th quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock valued at $3,365,992,000 after acquiring an additional 10,434,098 shares during the period. Geode Capital Management LLC increased its stake in shares of Occidental Petroleum by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer’s stock worth $701,816,000 after purchasing an additional 398,467 shares in the last quarter. H&H International Investment LLC lifted its position in Occidental Petroleum by 497.7% during the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after purchasing an additional 7,680,598 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Occidental Petroleum by 7.5% during the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer’s stock valued at $349,085,000 after purchasing an additional 491,797 shares during the period. 88.70% of the stock is currently owned by institutional investors.

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.