Occidental Petroleum (NYSE:OXY) Shares Down 4.7% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) was down 4.7% on Monday after UBS Group lowered their price target on the stock from $52.00 to $44.00. UBS Group currently has a neutral rating on the stock. Occidental Petroleum traded as low as $37.67 and last traded at $38.64. Approximately 10,409,920 shares were traded during mid-day trading, a decline of 0% from the average daily volume of 10,417,132 shares. The stock had previously closed at $40.54.

A number of other analysts have also recently weighed in on the stock. Stephens restated an “overweight” rating and set a $71.00 target price on shares of Occidental Petroleum in a report on Wednesday, February 19th. Mizuho cut their target price on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research report on Monday, December 16th. Wells Fargo & Company reiterated an “equal weight” rating on shares of Occidental Petroleum in a research report on Friday, February 21st. Truist Financial boosted their price objective on Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Finally, Raymond James cut shares of Occidental Petroleum from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $81.00 to $64.00 in a report on Monday, March 10th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and an average price target of $59.27.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were acquired at an average cost of $46.82 per share, with a total value of $35,724,455.94. Following the purchase, the insider now owns 264,941,431 shares of the company’s stock, valued at approximately $12,404,557,799.42. The trade was a 0.29 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the company. Altshuler Shaham Ltd bought a new position in Occidental Petroleum in the 4th quarter worth $26,000. Whipplewood Advisors LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter worth about $27,000. VSM Wealth Advisory LLC acquired a new stake in Occidental Petroleum in the 4th quarter valued at approximately $27,000. Bernard Wealth Management Corp. bought a new position in Occidental Petroleum in the 4th quarter worth approximately $32,000. Finally, Atala Financial Inc acquired a new position in shares of Occidental Petroleum during the fourth quarter worth approximately $40,000. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Down 4.5 %

The firm has a 50-day moving average price of $47.66 and a two-hundred day moving average price of $49.60. The company has a market capitalization of $36.37 billion, a P/E ratio of 15.86 and a beta of 1.02. The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.13. The company had revenue of $6.84 billion for the quarter, compared to analyst estimates of $7.14 billion. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. Equities research analysts anticipate that Occidental Petroleum Co. will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be paid a $0.24 dividend. This is a boost 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 dividend yield of 2.48%. Occidental Petroleum’s dividend payout ratio is currently 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.