Occidental Petroleum (NYSE:OXY) Trading Down 1.2% - Here's What Happened

Shares of Occidental Petroleum Co. (NYSE:OXY - Get Free Report) traded down 1.2% during mid-day trading on Friday . The company traded as low as $48.66 and last traded at $48.92. 2,434,508 shares were traded during mid-day trading, a decline of 76% from the average session volume of 10,016,137 shares. The stock had previously closed at $49.51.

Wall Street Analysts Forecast Growth

OXY has been the subject of several recent analyst reports. Morgan Stanley set a $58.00 price objective on shares of Occidental Petroleum and gave the company an "overweight" rating in a research note on Wednesday. Raymond James cut Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and dropped their price objective for the stock from $81.00 to $64.00 in a report on Monday, March 10th. UBS Group boosted their target price on Occidental Petroleum from $54.00 to $56.00 and gave the company a "neutral" rating in a research note on Thursday, February 20th. StockNews.com lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Thursday, February 27th. Finally, Piper Sandler reduced their price objective on shares of Occidental Petroleum from $51.00 to $50.00 and set a "neutral" rating on the stock in a research report on Thursday, March 6th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum has a consensus rating of "Hold" and an average target price of $59.82.

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Occidental Petroleum Trading Down 1.3 %

The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. The firm has a market cap of $45.90 billion, a PE ratio of 20.02 and a beta of 1.51. The stock has a 50-day simple moving average of $48.28 and a two-hundred day simple moving average of $49.87.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, beating 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, sell-side analysts anticipate that Occidental Petroleum Co. will post 3.58 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 10th will be issued a $0.24 dividend. This is an increase 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 yield of 1.97%. Occidental Petroleum's dividend payout ratio is currently 39.34%.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the company's stock in a transaction dated Friday, February 7th. The shares were acquired at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the purchase, the insider now directly owns 264,941,431 shares of the company's stock, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.31% of the company's stock.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Cerity Partners LLC lifted its position in shares of Occidental Petroleum by 27.7% during the 3rd quarter. Cerity Partners LLC now owns 70,580 shares of the oil and gas producer's stock valued at $3,638,000 after buying an additional 15,316 shares in the last quarter. Glenmede Trust Co. NA raised its stake in Occidental Petroleum by 14.8% during the 3rd quarter. Glenmede Trust Co. NA now owns 66,570 shares of the oil and gas producer's stock worth $3,431,000 after acquiring an additional 8,563 shares during the period. Public Sector Pension Investment Board lifted its holdings in Occidental Petroleum by 1.4% during the third quarter. Public Sector Pension Investment Board now owns 117,389 shares of the oil and gas producer's stock valued at $6,050,000 after purchasing an additional 1,672 shares in the last quarter. Vinva Investment Management Ltd bought a new position in shares of Occidental Petroleum in the third quarter worth approximately $570,000. Finally, Rockefeller Capital Management L.P. increased its stake in shares of Occidental Petroleum by 57.3% in the third quarter. Rockefeller Capital Management L.P. now owns 532,454 shares of the oil and gas producer's stock worth $27,448,000 after purchasing an additional 193,876 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.