Occidental Petroleum (NYSE:OXY) Trading 0.2% Higher – Here’s Why

Occidental Petroleum Co. (NYSE:OXY)’s share price traded up 0.2% during mid-day trading on Thursday . The stock traded as high as $51.68 and last traded at $51.43. 1,855,944 shares were traded during trading, a decline of 80% from the average session volume of 9,103,521 shares. The stock had previously closed at $51.32.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group started coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target for the company. Susquehanna cut their price target on Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Wolfe Research began coverage on Occidental Petroleum in a report on Thursday, July 18th. They set an “outperform” rating and a $81.00 price objective on the stock. Wells Fargo & Company dropped their price objective on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Finally, UBS Group lowered their price target on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $65.72.

Occidental Petroleum Trading Down 0.1 %

The firm has a market capitalization of $45.48 billion, a P/E ratio of 14.05 and a beta of 1.57. The firm has a 50-day moving average of $53.71 and a 200-day moving average of $59.46. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company earned $0.68 EPS. On average, equities research analysts anticipate that Occidental Petroleum Co. will post 3.43 EPS for the current fiscal year.

Insider Activity

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum 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 transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Investment Research & Advisory Group Inc. lifted its holdings in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares during the period. New Covenant Trust Company N.A. purchased a new position in Occidental Petroleum in the 1st quarter worth approximately $44,000. LRI Investments LLC purchased a new position in Occidental Petroleum in the 1st quarter worth approximately $44,000. Strategic Financial Concepts LLC purchased a new position in Occidental Petroleum in the 2nd quarter worth approximately $53,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Occidental Petroleum during the 3rd quarter worth approximately $87,000. 88.70% of the stock is owned by 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.