Occidental Petroleum (NYSE:OXY) Trading 1.8% Higher – Still a Buy?

Occidental Petroleum Co. (NYSE:OXY) rose 1.8% during mid-day trading on Monday . The stock traded as high as $50.49 and last traded at $50.48. Approximately 2,468,463 shares were traded during trading, a decline of 73% from the average daily volume of 9,132,003 shares. The stock had previously closed at $49.57.

Analyst Ratings Changes

Several equities research analysts recently issued reports on OXY shares. BMO Capital Markets decreased their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. The Goldman Sachs Group assumed coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target for the company. UBS Group dropped their price target on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Mizuho dropped their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Bank of America assumed coverage on Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $65.72.

Occidental Petroleum Stock Up 1.8 %

The company’s 50 day moving average price is $52.82 and its 200 day moving average price is $58.53. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $45.71 billion, a price-to-earnings ratio of 12.43 and a beta of 1.58.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the business earned $0.68 earnings per share. The company’s revenue was up 2.2% compared to the same quarter last year. As a group, research analysts forecast that Occidental Petroleum Co. will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently made changes to their positions in the company. CapWealth Advisors LLC raised its holdings in Occidental Petroleum by 2.7% in the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock valued at $397,000 after buying an additional 162 shares during the period. Meeder Advisory Services Inc. boosted its stake in shares of Occidental Petroleum by 2.0% in the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock valued at $553,000 after purchasing an additional 164 shares during the period. Earnest Partners LLC increased its stake in Occidental Petroleum by 2.6% during the 1st quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock worth $445,000 after buying an additional 173 shares during the period. Proficio Capital Partners LLC grew its stake in shares of Occidental Petroleum by 0.8% in the first quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock worth $1,359,000 after acquiring an additional 175 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI raised its holdings in Occidental Petroleum by 2.0% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock valued at $573,000 after acquiring an additional 175 shares in the last quarter. Institutional investors and hedge funds 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.