Occidental Petroleum (NYSE:OXY) Trading Down 8.1% - Here's Why

Shares of Occidental Petroleum Co. (NYSE:OXY - Get Free Report) traded down 8.1% during trading on Thursday . The stock traded as low as $36.57 and last traded at $36.99. 7,049,052 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 10,676,273 shares. The stock had previously closed at $40.23.

Wall Street Analyst Weigh In

Several equities analysts have commented on OXY shares. Scotiabank downgraded shares of Occidental Petroleum from a "sector outperform" rating to a "sector perform" rating and set a $40.00 target price on the stock. in a research report on Friday. Truist Financial upped their price target on shares of Occidental Petroleum from $56.00 to $58.00 and gave the company a "hold" rating in a report on Monday, January 13th. UBS Group dropped their price objective on Occidental Petroleum from $52.00 to $44.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Roth Capital set a $54.00 target price on Occidental Petroleum in a research note on Thursday, January 23rd. Finally, JPMorgan Chase & Co. dropped their price target on Occidental Petroleum from $59.00 to $52.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Occidental Petroleum has a consensus rating of "Hold" and a consensus price target of $56.71.

Occidental Petroleum Price Performance

The company has a market cap of $35.62 billion, a price-to-earnings ratio of 15.53 and a beta of 1.02. The company's 50 day moving average price is $46.46 and its 200 day moving average price is $49.04. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95.

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

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.53%. The ex-dividend date is Monday, March 10th. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.22. Occidental Petroleum's payout ratio is 39.34%.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the company's stock in a transaction on Friday, February 7th. The stock was purchased at an average cost of $46.82 per share, with a total value of $35,724,455.94. Following the acquisition, the insider now owns 264,941,431 shares of the company's stock, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.31% of the company's stock.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the business. Certified Advisory Corp bought a new stake in shares of Occidental Petroleum during the 4th quarter valued at $476,000. Rule One Partners LLC bought a new position in Occidental Petroleum during the third quarter worth about $14,199,000. Benchmark Investment Advisors LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter worth about $642,000. Fisher Asset Management LLC raised its position in shares of Occidental Petroleum by 1.1% in the 4th quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer's stock valued at $30,320,000 after acquiring an additional 6,461 shares during the period. Finally, Sarasin & Partners LLP grew its holdings in Occidental Petroleum by 5.4% during the fourth quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer's stock valued at $48,942,000 after purchasing an additional 50,983 shares during the period. 88.70% of the stock is owned by institutional investors.

About Occidental Petroleum

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.