Traders Buy Shares of Occidental Petroleum (OXY) on Weakness

Traders bought shares of Occidental Petroleum Co. (NYSE:OXY) on weakness during trading on Wednesday. $81.76 million flowed into the stock on the tick-up and $53.38 million flowed out of the stock on the tick-down, for a money net flow of $28.38 million into the stock. Of all equities tracked, Occidental Petroleum had the 18th highest net in-flow for the day. Occidental Petroleum traded down ($0.30) for the day and closed at $81.01

Several brokerages have weighed in on OXY. Mizuho began coverage on Occidental Petroleum in a report on Friday, June 8th. They issued a “buy” rating and a $102.00 target price for the company. Edward Jones upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. National Alliance Securities upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Jefferies Financial Group upgraded Occidental Petroleum from a “hold” rating to a “buy” rating and upped their price objective for the stock from $87.00 to $98.00 in a research note on Monday, June 11th. Finally, Capital One Financial upgraded Occidental Petroleum from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, May 29th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the stock. Occidental Petroleum presently has an average rating of “Buy” and an average price target of $83.60.

The company has a debt-to-equity ratio of 0.49, a current ratio of 1.36 and a quick ratio of 1.19. The company has a market capitalization of $61.75 billion, a price-to-earnings ratio of 91.67, a price-to-earnings-growth ratio of 2.57 and a beta of 0.61.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 8th. The oil and gas producer reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.11). Occidental Petroleum had a return on equity of 9.68% and a net margin of 15.36%. The company had revenue of $4.13 billion for the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter last year, the company earned $0.15 earnings per share. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. analysts forecast that Occidental Petroleum Co. will post 4.81 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, September 10th will be given a dividend of $0.78 per share. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.77. This represents a $3.12 annualized dividend and a yield of 3.85%. The ex-dividend date is Friday, September 7th. Occidental Petroleum’s dividend payout ratio is currently 350.56%.

In other Occidental Petroleum news, Director William R. Klesse bought 5,000 shares of Occidental Petroleum stock in a transaction that occurred on Monday, August 13th. The shares were bought at an average cost of $78.55 per share, with a total value of $392,750.00. Following the transaction, the director now directly owns 77,963 shares of the company’s stock, valued at approximately $6,123,993.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Royal London Asset Management Ltd. acquired a new position in Occidental Petroleum during the 2nd quarter valued at about $27,716,000. Exane Asset Management increased its holdings in shares of Occidental Petroleum by 14.8% in the second quarter. Exane Asset Management now owns 15,975 shares of the oil and gas producer’s stock valued at $1,337,000 after purchasing an additional 2,058 shares during the period. Ashburton Jersey Ltd acquired a new position in shares of Occidental Petroleum in the second quarter valued at about $1,473,000. Mainstay Capital Management LLC ADV increased its holdings in shares of Occidental Petroleum by 3,725.2% in the second quarter. Mainstay Capital Management LLC ADV now owns 1,198,297 shares of the oil and gas producer’s stock valued at $15,434,000 after purchasing an additional 1,166,971 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Occidental Petroleum by 4.8% in the second quarter. Public Employees Retirement System of Ohio now owns 535,449 shares of the oil and gas producer’s stock valued at $44,806,000 after purchasing an additional 24,281 shares during the period. 80.00% of the stock is currently owned by institutional investors.

Occidental Petroleum Company Profile (NYSE:OXY)

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

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