Occidental Petroleum (NYSE:OXY) Stock Price Up 1.8% - Time to Buy?

Shares of Occidental Petroleum Co. (NYSE:OXY - Get Free Report) traded up 1.8% on Tuesday . The company traded as high as $39.62 and last traded at $39.50. 2,982,473 shares were traded during trading, a decline of 73% from the average session volume of 10,922,789 shares. The stock had previously closed at $38.81.

Analysts Set New Price Targets

A number of research analysts have recently commented on OXY shares. Raymond James cut Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and lowered their target price for the company from $81.00 to $64.00 in a research note on Monday, March 10th. Roth Capital set a $54.00 target price on shares of Occidental Petroleum in a report on Thursday, January 23rd. Barclays decreased their price target on shares of Occidental Petroleum from $58.00 to $46.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 23rd. Truist Financial boosted their price objective on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a research note on Monday, January 13th. Finally, Hsbc Global Res raised Occidental Petroleum to a "hold" rating in a research report on Wednesday, April 16th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Occidental Petroleum presently has an average rating of "Hold" and an average target price of $54.19.

Occidental Petroleum Stock Performance

The company has a quick ratio of 0.76, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The company has a market cap of $38.76 billion, a PE ratio of 16.90 and a beta of 0.81. The business's fifty day moving average is $43.15 and its 200-day moving average is $47.39.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.74 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 $6.80 billion for the quarter, compared to analysts' expectations of $6.97 billion. During the same period last year, the firm earned $0.63 EPS. Occidental Petroleum's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, research analysts predict that Occidental Petroleum Co. will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 10th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.33%. Occidental Petroleum's dividend payout ratio (DPR) is presently 39.34%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the company's stock in a transaction on Friday, February 7th. The stock was acquired at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the purchase, the insider now directly 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 filing with the Securities & Exchange Commission, which is available through this link. 0.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mesirow Financial Investment Management Inc. bought a new position in shares of Occidental Petroleum during the 1st quarter valued at about $284,000. First National Trust Co boosted its stake in Occidental Petroleum by 18.6% during the first quarter. First National Trust Co now owns 5,973 shares of the oil and gas producer's stock valued at $295,000 after buying an additional 935 shares during the last quarter. Vestcor Inc grew its holdings in Occidental Petroleum by 23.1% during the 1st quarter. Vestcor Inc now owns 14,671 shares of the oil and gas producer's stock valued at $724,000 after buying an additional 2,750 shares in the last quarter. XTX Topco Ltd bought a new stake in Occidental Petroleum in the 1st quarter worth approximately $2,591,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Occidental Petroleum during the 1st quarter valued at approximately $95,000. Institutional investors own 88.70% of the company's stock.

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.