Occidental Petroleum (NYSE:OXY) Trading 0.1% Higher – What’s Next?

Shares of Occidental Petroleum Co. (NYSE:OXY) rose 0.1% during trading on Wednesday . The company traded as high as $50.47 and last traded at $50.14. Approximately 2,056,290 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 9,110,854 shares. The stock had previously closed at $50.08.

Analyst Ratings Changes

OXY has been the topic of several research analyst reports. Truist Financial reduced their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Bank of America started coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price objective on the stock. Susquehanna cut their target price on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Wolfe Research began coverage on Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective for the company. Finally, Scotiabank reduced their target price on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $65.72.

Occidental Petroleum Price Performance

The firm has a market cap of $45.40 billion, a P/E ratio of 12.35 and a beta of 1.57. The stock’s 50-day simple moving average is $53.21 and its two-hundred day simple moving average is $58.89. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the prior year, the company posted $0.68 EPS. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. Equities research analysts forecast that Occidental Petroleum Co. will post 3.31 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently added to or reduced their stakes in the stock. National Pension Service lifted its position in shares of Occidental Petroleum by 9.4% in the third quarter. National Pension Service now owns 1,556,461 shares of the oil and gas producer’s stock valued at $80,220,000 after acquiring an additional 133,546 shares in the last quarter. Silicon Valley Capital Partners lifted its position in Occidental Petroleum by 16.9% during the 3rd quarter. Silicon Valley Capital Partners now owns 14,034 shares of the oil and gas producer’s stock worth $723,000 after acquiring an additional 2,025 shares in the last quarter. Intact Investment Management Inc. grew its stake in shares of Occidental Petroleum by 10.3% during the third quarter. Intact Investment Management Inc. now owns 55,910 shares of the oil and gas producer’s stock valued at $2,882,000 after acquiring an additional 5,200 shares in the last quarter. KG&L Capital Management LLC acquired a new position in Occidental Petroleum in the third quarter worth about $330,000. Finally, Nvwm LLC increased its stake in shares of Occidental Petroleum by 4.2% in the third quarter. Nvwm LLC now owns 8,083 shares of the oil and gas producer’s stock valued at $417,000 after purchasing an additional 329 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.