Shares of Occidental Petroleum Co. (NYSE:OXY - Get Free Report) shot up 0.4% during trading on Thursday . The stock traded as high as $66.38 and last traded at $66.23. 2,008,683 shares traded hands during trading, a decline of 77% from the average session volume of 8,725,748 shares. The stock had previously closed at $65.98.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on OXY shares. Barclays initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, April 10th. They set an "equal weight" rating and a $73.00 price target on the stock. StockNews.com raised shares of Occidental Petroleum from a "sell" rating to a "hold" rating in a report on Friday, March 15th. Morgan Stanley upped their price objective on Occidental Petroleum from $66.00 to $72.00 and gave the stock an "overweight" rating in a report on Thursday, March 28th. Truist Financial lifted their target price on Occidental Petroleum from $77.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, April 5th. Finally, Stephens reaffirmed an "overweight" rating and set a $74.00 price target on shares of Occidental Petroleum in a research note on Thursday, February 15th. Nine equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of "Moderate Buy" and an average target price of $72.06.
Check Out Our Latest Report on OXY
Occidental Petroleum Stock Performance
The firm has a market cap of $58.54 billion, a P/E ratio of 16.89 and a beta of 1.64. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The stock's 50-day moving average is $63.21 and its 200 day moving average is $61.13.
Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The company had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the prior year, the company earned $1.61 earnings per share. The company's revenue for the quarter was down 9.6% compared to the same quarter last year. On average, research analysts predict that Occidental Petroleum Co. will post 3.74 earnings per share for the current year.
Occidental Petroleum Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 8th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.33%. The ex-dividend date 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 have recently added to or reduced their stakes in the stock. Berkshire Hathaway Inc lifted its holdings in shares of Occidental Petroleum by 8.7% in the fourth quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer's stock valued at $14,552,271,000 after purchasing an additional 19,586,612 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Occidental Petroleum by 24.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer's stock worth $779,983,000 after acquiring an additional 2,334,651 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Occidental Petroleum by 22.2% during the 4th quarter. Pacer Advisors Inc. now owns 5,995,258 shares of the oil and gas producer's stock worth $357,977,000 after acquiring an additional 1,088,052 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Occidental Petroleum by 2.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,035,799 shares of the oil and gas producer's stock valued at $285,732,000 after purchasing an additional 118,928 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Occidental Petroleum by 2.8% in the third quarter. Invesco Ltd. now owns 4,665,494 shares of the oil and gas producer's stock worth $302,697,000 after purchasing an additional 125,927 shares in the last quarter. 88.70% of the stock is owned by institutional investors.
Occidental Petroleum Company Profile
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Get Free Report)
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.
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