Occidental Petroleum (NYSE:OXY) Sets New 1-Year Low - Here's What Happened

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $43.78 and last traded at $43.88, with a volume of 24958091 shares changing hands. The stock had previously closed at $49.33.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of recent analyst reports. TD Cowen cut shares of Occidental Petroleum from a "buy" rating to a "hold" rating and decreased their target price for the company from $68.00 to $45.00 in a research report on Tuesday. UBS Group decreased their price objective on shares of Occidental Petroleum from $52.00 to $44.00 and set a "neutral" rating on the stock in a report on Monday. Mizuho dropped their target price 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 upped their price target on Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a research note on Monday, January 13th. Finally, Morgan Stanley set a $58.00 price objective on Occidental Petroleum and gave the company an "overweight" rating in a report on Wednesday, March 26th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of "Hold" and an average target price of $58.23.

Occidental Petroleum Price Performance

The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The stock has a fifty day moving average of $47.66 and a 200-day moving average of $49.60. The stock has a market capitalization of $34.78 billion, a price-to-earnings ratio of 15.07 and a beta of 1.02.

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Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The firm had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. On average, equities research analysts predict that Occidental Petroleum Co. will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.59%. Occidental Petroleum's dividend payout ratio is 39.34%.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the company's stock in a transaction on Friday, February 7th. The shares were bought at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the purchase, the insider now owns 264,941,431 shares in the company, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently made changes to their positions in OXY. Berkshire Hathaway Inc lifted its position in Occidental Petroleum by 3.5% during the 4th quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer's stock worth $13,053,055,000 after acquiring an additional 8,896,890 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Occidental Petroleum by 18.1% during the fourth quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer's stock worth $3,365,992,000 after purchasing an additional 10,434,098 shares during the period. Geode Capital Management LLC grew its position in Occidental Petroleum by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer's stock valued at $701,816,000 after buying an additional 398,467 shares during the last quarter. Northern Trust Corp raised its position in Occidental Petroleum by 7.5% during the 4th quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer's stock worth $349,085,000 after buying an additional 491,797 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Occidental Petroleum by 25.2% in the 4th quarter. Invesco Ltd. now owns 6,357,689 shares of the oil and gas producer's stock worth $314,133,000 after acquiring an additional 1,278,389 shares during the period. Hedge funds and other institutional investors own 88.70% of the company's stock.

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.