Shares of Occidental Petroleum Co. (NYSE:OXY – Get Free Report) hit a new 52-week low on Tuesday after Truist Financial lowered their price target on the stock from $80.00 to $78.00. Truist Financial currently has a buy rating on the stock. Occidental Petroleum traded as low as $55.49 and last traded at $55.50, with a volume of 9436990 shares. The stock had previously closed at $57.06.
A number of other equities research analysts have also recently commented on OXY. Citigroup increased their target price on Occidental Petroleum from $62.00 to $66.00 in a research note on Wednesday, September 20th. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Wednesday, November 8th. JPMorgan Chase & Co. decreased their price objective on Occidental Petroleum from $78.00 to $73.00 and set a “neutral” rating on the stock in a research note on Friday. Bank of America raised their price target on Occidental Petroleum from $78.00 to $82.00 in a report on Wednesday, September 27th. Finally, Stephens reissued an “overweight” rating and set a $74.00 price target on shares of Occidental Petroleum in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.47.
Insider Buying and Selling
In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 1,040,067 shares of the company’s stock in a transaction on Wednesday, October 25th. The shares were bought at an average price of $63.05 per share, for a total transaction of $65,576,224.35. Following the transaction, the insider now owns 228,051,027 shares of the company’s stock, valued at approximately $14,378,617,252.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.35% of the company’s stock.
Institutional Investors Weigh In On Occidental Petroleum
Institutional investors and hedge funds have recently modified their holdings of the company. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in shares of Occidental Petroleum by 150.8% in the 1st quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 593,600 shares of the oil and gas producer’s stock worth $37,058,000 after acquiring an additional 356,900 shares during the period. BOKF NA lifted its stake in Occidental Petroleum by 57.4% in the 1st quarter. BOKF NA now owns 142,535 shares of the oil and gas producer’s stock valued at $8,898,000 after buying an additional 51,971 shares in the last quarter. Trexquant Investment LP purchased a new stake in Occidental Petroleum in the 2nd quarter valued at approximately $6,146,000. BNC Wealth Management LLC lifted its stake in Occidental Petroleum by 141.0% in the 2nd quarter. BNC Wealth Management LLC now owns 42,510 shares of the oil and gas producer’s stock valued at $2,500,000 after buying an additional 24,874 shares in the last quarter. Finally, Nordea Investment Management AB lifted its stake in Occidental Petroleum by 11.0% in the 2nd quarter. Nordea Investment Management AB now owns 580,676 shares of the oil and gas producer’s stock valued at $34,237,000 after buying an additional 57,522 shares in the last quarter. Institutional investors and hedge funds own 77.54% of the company’s stock.
Occidental Petroleum Trading Down 2.6 %
The company has a current ratio of 0.92, a quick ratio of 0.70 and a debt-to-equity ratio of 0.88. The business has a 50 day moving average of $61.39 and a 200-day moving average of $61.53. The stock has a market cap of $48.95 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 0.62 and a beta of 1.61.
Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its earnings results on Tuesday, November 7th. The oil and gas producer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.29. Occidental Petroleum had a return on equity of 25.39% and a net margin of 18.26%. The firm had revenue of $7.40 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the prior year, the company earned $2.44 EPS. Occidental Petroleum’s revenue was down 22.1% on a year-over-year basis. On average, analysts anticipate that Occidental Petroleum Co. will post 4.13 EPS for the current year.
Occidental Petroleum Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 8th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date is Thursday, December 7th. Occidental Petroleum’s dividend payout ratio is presently 15.75%.
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, North Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.