Occidental Petroleum (NYSE:OXY) Stock Price Down 4.3% - Here's What Happened

Key Points

• OXY shares fell 4.3% to $60.78 as weaker crude prices following higher U.S. oil inventories pressured oil-sensitive stocks. No major new company-specific announcement was identified as the trigger.
• Analyst sentiment remains mixed: UBS raised its price target to $67 but maintained a Hold rating, while the broader consensus is also Hold with an average target of $65.17. Wells Fargo and Susquehanna issued more bullish target increases.
• Occidental reported stronger-than-expected quarterly results, with EPS of $2.40 and revenue of $8.06 billion, and increased its quarterly dividend to $0.28 from $0.26. CEO Richard Jackson also purchased roughly $250,000 of company stock.

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) shares dropped 4.3% during mid-day trading on Wednesday . The company traded as low as $61.06 and last traded at $60.78. Approximately 1,372,635 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 12,369,490 shares. The stock had previously closed at $63.52.

More Occidental Petroleum News

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: UBS raised its price target for Occidental Petroleum from $59 to $67 while maintaining a neutral rating, implying potential upside from recent trading levels. The broader analyst median target is reported at $67, with some targets as high as $75. UBS Group Forecasts Strong Price Appreciation for Occidental Petroleum
• Positive Sentiment: Occidental remains highly ranked by Zacks’ momentum-style screening, reflecting recent relative strength and investor interest. However, the ranking is a quantitative signal rather than a new business development. Occidental Petroleum is a Top-Ranked Momentum Stock
• Positive Sentiment: Chief Executive Richard A. Jackson reportedly purchased 4,770 OXY shares for approximately $250,000 over the past six months, a potential signal of management confidence. Recent institutional activity was mixed, with several large investors adding shares.
• Neutral Sentiment: UBS reaffirmed its hold rating despite the higher price target, indicating that analysts see valuation-supported upside but not a strong enough case to recommend buying aggressively. UBS Reaffirms Its Hold Rating on Occidental Petroleum
• Negative Sentiment: Crude prices weakened after a reported increase in U.S. oil inventories, reducing near-term supply-tightness concerns. Because Occidental’s earnings and cash flow are sensitive to oil prices, the pullback pressured OXY and encouraged profit-taking. No fresh major company announcement appears to explain the decline. Occidental Petroleum Slides as Oil Pulls Back

Analyst Ratings Changes

OXY has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on shares of Occidental Petroleum from $79.00 to $82.00 and gave the company an "overweight" rating in a report on Monday. Susquehanna lifted their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a "positive" rating in a research note on Tuesday, August 11th. Citigroup dropped their price target on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, July 17th. Truist Financial raised their price target on shares of Occidental Petroleum from $57.00 to $63.00 and gave the stock a "hold" rating in a report on Monday, August 10th. Finally, Wall Street Zen raised shares of Occidental Petroleum from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Ten research analysts have rated the stock with a Buy rating and seventeen have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $65.17.

Occidental Petroleum Trading Down 5.4%

The business's 50-day simple moving average is $57.83 and its two-hundred day simple moving average is $57.07. The firm has a market capitalization of $60.10 billion, a price-to-earnings ratio of 9.28, a PEG ratio of 0.96 and a beta of 0.16. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm's quarterly revenue was up 53.4% on a year-over-year basis. During the same quarter last year, the company posted $0.39 EPS. Equities analysts forecast that Occidental Petroleum Corporation will post 6.2 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. Occidental Petroleum's payout ratio is presently 17.34%.

Insider Activity

In other news, CEO Richard Jackson bought 4,770 shares of the firm's stock in a transaction that occurred on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.50% of the company's stock.

Institutional Trading of Occidental Petroleum

Several hedge funds have recently made changes to their positions in the business. National Pension Service grew its position in Occidental Petroleum by 13.0% during the fourth quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer's stock worth $44,589,000 after buying an additional 124,879 shares during the period. Berkshire Hathaway Inc acquired a new stake in shares of Occidental Petroleum during the 2nd quarter valued at approximately $12,868,205,000. Engineers Gate Manager LP lifted its position in shares of Occidental Petroleum by 1,329.2% during the 2nd quarter. Engineers Gate Manager LP now owns 59,725 shares of the oil and gas producer's stock valued at $2,901,000 after acquiring an additional 55,546 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Occidental Petroleum during the 2nd quarter worth approximately $10,041,000. Finally, Swiss National Bank grew its holdings in shares of Occidental Petroleum by 7.2% in the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer's stock worth $140,947,000 after acquiring an additional 145,100 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.

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