Occidental Petroleum (NYSE:OXY) Releases Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Occidental Petroleum (NYSE:OXY - Get Free Report) issued its quarterly earnings data on Tuesday. 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, Zacks reports. The business had revenue of $6.84 billion during 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%.

Occidental Petroleum Price Performance

Shares of NYSE:OXY traded down $1.68 during trading on Friday, reaching $50.42. The company had a trading volume of 13,741,190 shares, compared to its average volume of 10,754,926. The company has a fifty day moving average of $49.14 and a two-hundred day moving average of $51.45. The stock has a market capitalization of $47.31 billion, a P/E ratio of 20.66 and a beta of 1.55. Occidental Petroleum has a 12 month low of $45.17 and a 12 month high of $71.18. 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 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be issued a $0.24 dividend. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.22. The ex-dividend date is Monday, March 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.90%. Occidental Petroleum's dividend payout ratio is presently 36.07%.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 2,477,362 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, December 17th. The shares were bought at an average price of $46.25 per share, with a total value of $114,577,992.50. Following the acquisition, the insider now owns 257,758,886 shares in the company, valued at approximately $11,921,348,477.50. This trade represents a 0.97 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased 6,854,394 shares of company stock valued at $315,101,532 in the last quarter. Insiders own 0.31% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OXY. Piper Sandler dropped their target price on shares of Occidental Petroleum from $57.00 to $51.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. Susquehanna dropped their target price on shares of Occidental Petroleum from $77.00 to $65.00 and set a "positive" rating on the stock in a research note on Thursday, November 14th. Truist Financial boosted their target price on shares of Occidental Petroleum from $56.00 to $58.00 and gave the company a "hold" rating in a research note on Monday, January 13th. Stephens reiterated an "overweight" rating and issued a $71.00 target price on shares of Occidental Petroleum in a research note on Wednesday. Finally, Wells Fargo & Company dropped their target price on shares of Occidental Petroleum from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Thursday. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, six 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 company has an average rating of "Hold" and a consensus target price of $61.90.

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.