Occidental Petroleum (NYSE:OXY) Stock Price Down 1.5% on Analyst Downgrade

Shares of Occidental Petroleum Co. (NYSE:OXY - Get Free Report) traded down 1.5% during mid-day trading on Tuesday after Scotiabank downgraded the stock from a sector outperform rating to a sector perform rating. Scotiabank now has a $40.00 price target on the stock. Occidental Petroleum traded as low as $38.33 and last traded at $38.17. 6,691,742 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 10,450,473 shares. The stock had previously closed at $38.75.

Several other equities research analysts have also issued reports on OXY. Raymond James lowered Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and decreased their target price for the company from $81.00 to $64.00 in a research report on Monday, March 10th. Roth Capital set a $54.00 price objective on shares of Occidental Petroleum in a report on Thursday, January 23rd. Piper Sandler reduced their target price on shares of Occidental Petroleum from $51.00 to $50.00 and set a "neutral" rating for the company in a research report on Thursday, March 6th. Morgan Stanley set a $58.00 price objective on Occidental Petroleum and gave the stock an "overweight" rating in a report on Wednesday, March 26th. Finally, 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 report on Monday, January 13th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of "Hold" and an average price target of $56.71.

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Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Altshuler Shaham Ltd bought a new position in Occidental Petroleum during the 4th quarter worth approximately $26,000. Whipplewood Advisors LLC bought a new position in shares of Occidental Petroleum during the fourth quarter valued at about $27,000. VSM Wealth Advisory LLC purchased a new stake in shares of Occidental Petroleum during the fourth quarter worth about $27,000. Bernard Wealth Management Corp. bought a new stake in shares of Occidental Petroleum in the fourth quarter worth about $32,000. Finally, American National Bank & Trust bought a new position in Occidental Petroleum during the 1st quarter valued at approximately $39,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Up 3.3 %

The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The firm has a market cap of $35.41 billion, a PE ratio of 15.44 and a beta of 1.02. The firm has a fifty day simple moving average of $46.46 and a two-hundred day simple moving average of $49.05.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business had revenue of $6.84 billion for the quarter, compared to analysts' expectations of $7.14 billion. Equities analysts forecast that Occidental Petroleum Co. will post 3.58 EPS for the current year.

Occidental Petroleum Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.55%. Occidental Petroleum's dividend payout ratio (DPR) is 39.34%.

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.