Occidental Petroleum (NYSE:OXY) Shares Up 1.1% - Should You Buy?

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) shot up 1.1% during mid-day trading on Thursday . The stock traded as high as $40.34 and last traded at $40.28. 2,573,757 shares were traded during mid-day trading, a decline of 76% from the average session volume of 10,821,833 shares. The stock had previously closed at $39.83.

Analyst Ratings Changes

Several research firms recently commented on OXY. Truist Financial boosted their target price on Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a research note on Monday, January 13th. JPMorgan Chase & Co. cut their target price on shares of Occidental Petroleum from $59.00 to $52.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. UBS Group decreased their price target on shares of Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Susquehanna reduced their price objective on shares of Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Finally, Hsbc Global Res upgraded shares of Occidental Petroleum to a "hold" rating in a research note on Wednesday, April 16th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $54.19.

Occidental Petroleum Trading Up 0.4 %

The company has a 50 day simple moving average of $44.74 and a 200 day simple moving average of $48.03. The stock has a market capitalization of $38.07 billion, a PE ratio of 16.60 and a beta of 1.02. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.13. The firm had revenue of $6.84 billion for the quarter, compared to analyst estimates of $7.14 billion. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. Analysts predict that Occidental Petroleum Co. will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 10th were given a $0.24 dividend. The ex-dividend date was Monday, March 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.37%. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.22. Occidental Petroleum's dividend payout ratio (DPR) is presently 39.34%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the stock in a transaction dated Friday, February 7th. The shares were acquired at an average cost of $46.82 per share, with a total value of $35,724,455.94. Following the purchase, the insider now directly owns 264,941,431 shares in the company, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.31% of the stock is currently owned by insiders.

Institutional Trading of Occidental Petroleum

Institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its stake in shares of Occidental Petroleum by 4.2% during the 1st quarter. Principal Financial Group Inc. now owns 801,603 shares of the oil and gas producer's stock worth $39,567,000 after acquiring an additional 32,117 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Occidental Petroleum by 2.0% during the first quarter. Oregon Public Employees Retirement Fund now owns 59,064 shares of the oil and gas producer's stock worth $2,915,000 after purchasing an additional 1,130 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Occidental Petroleum by 262.5% during the first quarter. Teacher Retirement System of Texas now owns 135,541 shares of the oil and gas producer's stock worth $6,690,000 after purchasing an additional 98,148 shares in the last quarter. Miller Howard Investments Inc. NY grew its holdings in Occidental Petroleum by 6.8% in the first quarter. Miller Howard Investments Inc. NY now owns 84,065 shares of the oil and gas producer's stock valued at $4,149,000 after purchasing an additional 5,333 shares during the last quarter. Finally, Aaron Wealth Advisors LLC increased its position in shares of Occidental Petroleum by 4.9% in the first quarter. Aaron Wealth Advisors LLC now owns 6,663 shares of the oil and gas producer's stock valued at $329,000 after buying an additional 310 shares in the last quarter. Hedge funds and other 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.