Occidental Petroleum (NYSE:OXY) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of Occidental Petroleum (NYSE:OXY) from a hold rating to a sell rating in a research note published on Thursday.

Other analysts also recently issued research reports about the company. UBS Group raised their price target on Occidental Petroleum from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Mizuho reduced their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, December 16th. Truist Financial lifted their price objective on shares of Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Monday, January 13th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 price target on shares of Occidental Petroleum in a research note on Friday, November 8th. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of Occidental Petroleum in a report on Friday, February 21st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $61.55.

Occidental Petroleum Stock Performance

OXY stock opened at $48.85 on Thursday. The firm has a market cap of $45.85 billion, a P/E ratio of 20.02 and a beta of 1.55. The stock’s 50 day simple moving average is $49.46 and its 200 day simple moving average is $51.06. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. Occidental Petroleum has a 12-month low of $45.17 and a 12-month high of $71.18.

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

Occidental Petroleum Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 10th will be given a $0.24 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.97%. Occidental Petroleum’s dividend payout ratio (DPR) is 39.34%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the stock in a transaction on Thursday, December 19th. The shares were purchased at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the transaction, the insider now owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have purchased 6,854,394 shares of company stock worth $315,101,532. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its stake in Occidental Petroleum by 8.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,729 shares of the oil and gas producer’s stock valued at $2,027,000 after acquiring an additional 3,138 shares in the last quarter. Fortitude Family Office LLC grew its position in Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares in the last quarter. Diversify Wealth Management LLC lifted its position in Occidental Petroleum by 7.8% in the 3rd quarter. Diversify Wealth Management LLC now owns 12,153 shares of the oil and gas producer’s stock worth $624,000 after buying an additional 884 shares in the last quarter. Financial Advocates Investment Management boosted its stake in shares of Occidental Petroleum by 60.6% during the 3rd quarter. Financial Advocates Investment Management now owns 9,545 shares of the oil and gas producer’s stock valued at $492,000 after buying an additional 3,600 shares during the period. Finally, Palumbo Wealth Management LLC grew its holdings in shares of Occidental Petroleum by 22.9% during the 3rd quarter. Palumbo Wealth Management LLC now owns 25,458 shares of the oil and gas producer’s stock valued at $1,312,000 after acquiring an additional 4,742 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.