Occidental Petroleum (NYSE:OXY) Shares Down 2.2%

Occidental Petroleum Co. (NYSE:OXY)’s share price fell 2.2% on Wednesday . The stock traded as low as $65.64 and last traded at $66.82. 12,447,987 shares traded hands during mid-day trading, an increase of 67% from the average session volume of 7,474,428 shares. The stock had previously closed at $68.34.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OXY. Barclays began coverage on shares of Occidental Petroleum in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Raymond James reduced their price objective on shares of Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Truist Financial upped their price target on shares of Occidental Petroleum from $77.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Finally, StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $72.06.

Occidental Petroleum Stock Up 0.2 %

The company has a market cap of $58.68 billion, a P/E ratio of 16.89 and a beta of 1.64. The stock’s 50-day moving average price is $63.21 and its 200-day moving average price is $61.13. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.74. The company had revenue of $7.53 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.61 EPS. As a group, research analysts forecast that Occidental Petroleum Co. will post 3.74 EPS for the current year.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 8th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio is 22.51%.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently made changes to their positions in the business. Investment Research & Advisory Group Inc. raised its holdings in shares of Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Occidental Petroleum in the 3rd quarter worth about $26,000. Orion Capital Management LLC acquired a new stake in shares of Occidental Petroleum in the 3rd quarter worth about $27,000. TLW Wealth Management LLC acquired a new stake in shares of Occidental Petroleum in the 4th quarter worth about $28,000. Finally, Grove Bank & Trust raised its holdings in shares of Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 240 shares during the last quarter. 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.