Occidental Petroleum (NYSE:OXY) Shares Down 0.1% on Analyst Downgrade

Posted by ABMN Staff on Jul 14th, 2024

Occidental Petroleum Co. (NYSE:OXY – Get Free Report) shares dropped 0.1% during mid-day trading on Friday after Scotiabank lowered their price target on the stock from $90.00 to $80.00. Scotiabank currently has a sector outperform rating on the stock. Occidental Petroleum traded as low as $61.14 and last traded at $61.42. Approximately 824,093 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 7,858,846 shares. The stock had previously closed at $61.48.

OXY has been the subject of a number of other reports. HSBC started coverage on shares of Occidental Petroleum in a research report on Monday, April 8th. They set a “hold” rating and a $65.00 price target for the company. Susquehanna lifted their price objective on Occidental Petroleum from $70.00 to $81.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Mizuho lifted their price target on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Finally, Wells Fargo & Company lowered their price objective on shares of Occidental Petroleum from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday. Eleven analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $71.67.

Read Our Latest Stock Analysis on Occidental Petroleum

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 524,340 shares of Occidental Petroleum stock in a transaction on Wednesday, June 5th. The shares were bought at an average price of $59.75 per share, with a total value of $31,329,315.00. Following the purchase, the insider now directly owns 248,542,468 shares in the company, valued at approximately $14,850,412,463. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have bought 4,656,747 shares of company stock worth $278,664,028. 0.31% of the stock is owned by insiders.

Institutional Trading of Occidental Petroleum

Hedge funds have recently added to or reduced their stakes in the business. Modera Wealth Management LLC grew its holdings in Occidental Petroleum by 6.7% in the third quarter. Modera Wealth Management LLC now owns 12,470 shares of the oil and gas producer’s stock valued at $809,000 after purchasing an additional 788 shares during the period. Anchor Investment Management LLC acquired a new stake in shares of Occidental Petroleum during the 4th quarter worth $116,000. DNB Asset Management AS raised its position in shares of Occidental Petroleum by 0.6% in the 4th quarter. DNB Asset Management AS now owns 200,650 shares of the oil and gas producer’s stock worth $11,981,000 after buying an additional 1,280 shares during the period. Capital Investment Advisors LLC boosted its holdings in Occidental Petroleum by 11.8% in the fourth quarter. Capital Investment Advisors LLC now owns 6,975 shares of the oil and gas producer’s stock valued at $416,000 after acquiring an additional 734 shares during the last quarter. Finally, Pure Financial Advisors LLC purchased a new stake in Occidental Petroleum during the fourth quarter valued at about $204,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

The company has a market capitalization of $54.26 billion, a price-to-earnings ratio of 16.72 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. The company has a 50 day simple moving average of $61.99 and a 200 day simple moving average of $61.88.

Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same quarter last year, the firm posted $1.09 earnings per share. Occidental Petroleum’s revenue for the quarter was down 17.2% compared to the same quarter last year. As a group, research analysts predict that Occidental Petroleum Co. will post 3.91 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, June 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.44%. Occidental Petroleum’s dividend payout ratio (DPR) is 24.04%.

About Occidental Petroleum

(Get Free Report)

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.

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