Occidental Petroleum (NYSE:OXY) Trading 1% Higher - Here's Why

Occidental Petroleum Co. (NYSE:OXY - Get Free Report)'s stock price was up 1% during trading on Monday . The company traded as high as $48.46 and last traded at $48.41. Approximately 2,339,556 shares were traded during trading, a decline of 77% from the average daily volume of 9,959,885 shares. The stock had previously closed at $47.94.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Raymond James lowered shares of 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 research note on Monday, March 10th. Wells Fargo & Company restated an "equal weight" rating on shares of Occidental Petroleum in a research note on Friday, February 21st. Truist Financial boosted their price target 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. UBS Group lifted their price target on Occidental Petroleum from $54.00 to $56.00 and gave the company a "neutral" rating in a report on Thursday, February 20th. Finally, Morgan Stanley set a $58.00 target price on shares of Occidental Petroleum and gave the company an "overweight" rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $59.82.

Occidental Petroleum Trading Down 1.3 %

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 firm's 50-day moving average price is $48.28 and its 200 day moving average price is $49.87. The company has a market capitalization of $45.90 billion, a P/E ratio of 20.02 and a beta of 1.51.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Tuesday, February 18th. 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. The business had revenue of $6.84 billion during the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a return on equity of 16.33% and a net margin of 11.37%. As a group, equities research analysts predict that Occidental Petroleum Co. will post 3.58 earnings per share 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 given a $0.24 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.96 annualized dividend and a yield of 1.97%. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.22. Occidental Petroleum's payout ratio is presently 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 stock in a transaction dated Friday, February 7th. The shares were purchased at an average cost of $46.82 per share, with a total value of $35,724,455.94. Following the completion of the acquisition, the insider now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.31% of the company's stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently modified their holdings of OXY. Cerity Partners LLC boosted 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 acquiring an additional 15,316 shares during the last quarter. Glenmede Trust Co. NA increased its stake in shares of Occidental Petroleum by 14.8% during the third quarter. Glenmede Trust Co. NA now owns 66,570 shares of the oil and gas producer's stock valued at $3,431,000 after buying an additional 8,563 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Occidental Petroleum during the third quarter valued at approximately $18,554,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Occidental Petroleum by 113.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 614,619 shares of the oil and gas producer's stock worth $31,677,000 after purchasing an additional 327,055 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Occidental Petroleum by 1.4% in the 3rd 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 buying an additional 1,672 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.