Occidental Petroleum (NYSE:OXY) Shares Down 2.5% on Analyst Downgrade

Posted by Defense World Staff on Aug 14th, 2024

Shares of Occidental Petroleum Co. (NYSE:OXY – Get Free Report) were down 2.5% on Tuesday after Truist Financial lowered their price target on the stock from $67.00 to $65.00. Truist Financial currently has a hold rating on the stock. Occidental Petroleum traded as low as $57.10 and last traded at $57.53. Approximately 7,722,669 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 7,978,780 shares. The stock had previously closed at $58.98.

OXY has been the subject of a number of other research reports. Citigroup lowered their price objective on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Wells Fargo & Company cut their target price on Occidental Petroleum from $68.00 to $65.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Scotiabank cut their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Susquehanna increased their price target on Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Finally, Mizuho increased their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Ten equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $71.94.

Get Our Latest Analysis on Occidental Petroleum

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 334,461 shares of Occidental Petroleum stock in a transaction dated Monday, June 17th. The shares were acquired at an average cost of $59.75 per share, for a total transaction of $19,984,044.75. Following the completion of the purchase, the insider now owns 255,281,524 shares in the company, valued at $15,253,071,059. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have bought 4,656,747 shares of company stock worth $278,664,028 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently made changes to their positions in OXY. Investment Research & Advisory Group Inc. lifted its position in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 167 shares during the period. Grove Bank & Trust boosted its stake in Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 240 shares during the last quarter. Criterion Capital Advisors LLC purchased a new stake in shares of Occidental Petroleum during the 4th quarter worth about $34,000. LifeSteps Financial Inc. acquired a new stake in shares of Occidental Petroleum in the first quarter valued at about $34,000. Finally, Able Wealth Management LLC purchased a new stake in shares of Occidental Petroleum during the 4th quarter valued at about $38,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

The stock has a market cap of $50.95 billion, a PE ratio of 15.70 and a beta of 1.61. The business has a fifty day moving average of $60.73 and a 200 day moving average of $62.17. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71.

Occidental Petroleum (NYSE:OXY – Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the business posted $0.68 earnings per share. Sell-side analysts anticipate that Occidental Petroleum Co. will post 3.6 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business 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 dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.53%. Occidental Petroleum’s dividend payout ratio is currently 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.