Occidental Petroleum (NYSE:OXY) Shares Down 0.6%

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) dropped 0.6% on Tuesday . The company traded as low as $56.81 and last traded at $57.01. Approximately 3,050,309 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 8,258,788 shares. The stock had previously closed at $57.37.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on OXY shares. Truist Financial reduced their price target on Occidental Petroleum from $67.00 to $65.00 and set a "hold" rating on the stock in a research report on Monday, August 12th. Scotiabank cut their target price on Occidental Petroleum from $90.00 to $80.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 12th. Wells Fargo & Company decreased their target price on Occidental Petroleum from $68.00 to $65.00 and set an "equal weight" rating for the company in a research note on Friday, August 9th. Wolfe Research assumed coverage on shares of 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, Stephens restated an "overweight" rating and issued a $76.00 price target on shares of Occidental Petroleum in a report on Thursday, August 8th. Ten equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $71.69.

Occidental Petroleum Stock Down 0.9 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The firm has a market capitalization of $50.40 billion, a P/E ratio of 15.53 and a beta of 1.61. The stock has a 50 day moving average of $60.17 and a 200-day moving average of $62.12.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the prior year, the firm posted $0.68 earnings per share. The company's revenue for the quarter was up 2.2% on a year-over-year basis. Research analysts predict that Occidental Petroleum Co. will post 3.7 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.55%. Occidental Petroleum's payout ratio is currently 24.04%.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 524,340 shares of the company's stock in a transaction on Wednesday, June 5th. The stock was purchased at an average price of $59.75 per share, with a total value of $31,329,315.00. Following the completion of the purchase, the insider now directly owns 248,542,468 shares in the company, valued at approximately $14,850,412,463. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 524,340 shares of Occidental Petroleum stock in a transaction that occurred 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 acquisition, the insider now owns 248,542,468 shares in the company, valued at $14,850,412,463. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm's stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The disclosure for this sale can be found here. Insiders purchased a total of 4,656,747 shares of company stock worth $278,664,028 over the last three months. 0.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently modified their holdings of the company. KGH Ltd bought a new position in Occidental Petroleum during the 2nd quarter valued at approximately $5,295,000. William B. Walkup & Associates Inc. bought a new stake in Occidental Petroleum in the second quarter valued at $145,000. Magnolia Capital Advisors LLC bought a new position in Occidental Petroleum in the 2nd quarter worth $1,939,000. Copperwynd Financial LLC purchased a new stake in shares of Occidental Petroleum in the 2nd quarter worth about $262,000. Finally, Ascent Group LLC increased its position in shares of Occidental Petroleum by 4.7% during the second quarter. Ascent Group LLC now owns 8,067 shares of the oil and gas producer's stock valued at $508,000 after buying an additional 365 shares during the period. Hedge funds and other institutional investors 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.