Occidental Petroleum (NYSE:OXY) Shares Up 0.9% – What’s Next?

Shares of Occidental Petroleum Co. (NYSE:OXY) traded up 0.9% during trading on Thursday . The stock traded as high as $49.43 and last traded at $49.00. 4,382,928 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 10,503,895 shares. The stock had previously closed at $48.55.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on OXY shares. UBS Group boosted their price objective on shares of Occidental Petroleum from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a research note on Friday, November 8th. Wells Fargo & Company restated an “equal weight” rating on shares of Occidental Petroleum in a report on Friday, February 21st. Piper Sandler dropped their price target on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Finally, Roth Capital set a $54.00 price objective on Occidental Petroleum in a report on Thursday, January 23rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and an average price target of $61.55.

Occidental Petroleum Price Performance

The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. The stock has a 50 day moving average of $49.36 and a 200-day moving average of $51.19. The company has a market cap of $45.64 billion, a PE ratio of 19.93 and a beta of 1.55.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. The firm had revenue of $6.84 billion during the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. Equities 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 disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 10th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, March 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.97%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.22. Occidental Petroleum’s dividend payout ratio (DPR) is presently 39.34%.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were purchased at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the acquisition, the insider now owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This represents a 1.39 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased a total of 6,854,394 shares of company stock valued at $315,101,532 in the last quarter. 0.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently modified their holdings of the company. Certified Advisory Corp purchased a new stake in shares of Occidental Petroleum in the fourth quarter valued at approximately $476,000. Rule One Partners LLC acquired a new position in Occidental Petroleum during the third quarter worth $14,199,000. Stephens Inc. AR grew its position in shares of Occidental Petroleum by 221.0% in the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock valued at $777,000 after purchasing an additional 10,382 shares during the period. Sarasin & Partners LLP increased its stake in shares of Occidental Petroleum by 5.4% during the fourth quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock worth $48,942,000 after purchasing an additional 50,983 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of Occidental Petroleum during the 3rd quarter worth about $2,509,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.