Occidental Petroleum (NYSE:OXY) Trading Up 0.4% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY)’s share price rose 0.4% during trading on Friday . The stock traded as high as $50.59 and last traded at $50.30. Approximately 2,469,435 shares traded hands during trading, a decline of 73% from the average daily volume of 9,112,502 shares. The stock had previously closed at $50.11.

Wall Street Analyst Weigh In

OXY has been the topic of several analyst reports. BMO Capital Markets dropped their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research note on Friday, October 4th. Wells Fargo & Company reduced their price target on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. Scotiabank reduced their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Barclays dropped their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Finally, Bank of America assumed coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $65.72.

Occidental Petroleum Stock Down 0.5 %

The firm has a market cap of $45.16 billion, a PE ratio of 12.39 and a beta of 1.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The business has a fifty day moving average price of $52.97 and a two-hundred day moving average price of $58.77.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.68 EPS. On average, analysts anticipate that Occidental Petroleum Co. will post 3.29 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC increased its position in Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the last quarter. New Covenant Trust Company N.A. bought a new stake in Occidental Petroleum during the first quarter worth approximately $44,000. LRI Investments LLC bought a new position in shares of Occidental Petroleum in the first quarter valued at approximately $44,000. Strategic Financial Concepts LLC acquired a new stake in shares of Occidental Petroleum in the second quarter worth $53,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Occidental Petroleum during the 3rd quarter worth $87,000. Institutional investors and hedge funds 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.