Traders Buy Shares of Occidental Petroleum (OXY) on Weakness

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Investors bought shares of Occidental Petroleum Co. (NYSE:OXY) on weakness during trading hours on Wednesday. $115.07 million flowed into the stock on the tick-up and $55.89 million flowed out of the stock on the tick-down, for a money net flow of $59.18 million into the stock. Of all stocks tracked, Occidental Petroleum had the 20th highest net in-flow for the day. Occidental Petroleum traded down ($1.77) for the day and closed at $83.93

A number of equities analysts have weighed in on OXY shares. TheStreet raised shares of Occidental Petroleum from a “c+” rating to a “b” rating in a research note on Tuesday, May 8th. Citigroup raised shares of Occidental Petroleum from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 5th. ValuEngine raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. Zacks Investment Research raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a research note on Monday, May 14th. Finally, Bank of America raised shares of Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a research report on Thursday, May 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $81.13.

The stock has a market cap of $65.28 billion, a price-to-earnings ratio of 94.30, a P/E/G ratio of 2.90 and a beta of 0.61. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.26.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, May 8th. The oil and gas producer reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.21. Occidental Petroleum had a net margin of 13.47% and a return on equity of 6.15%. The company had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter last year, the firm earned $0.15 earnings per share. The firm’s quarterly revenue was up 28.4% compared to the same quarter last year. equities analysts anticipate that Occidental Petroleum Co. will post 4.64 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 16th. Investors of record on Monday, June 11th will be issued a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 3.67%. The ex-dividend date is Friday, June 8th. Occidental Petroleum’s dividend payout ratio is currently 346.07%.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Occidental Petroleum by 1.7% in the first quarter. BlackRock Inc. now owns 51,336,909 shares of the oil and gas producer’s stock worth $3,334,846,000 after purchasing an additional 857,046 shares during the last quarter. Epoch Investment Partners Inc. boosted its stake in shares of Occidental Petroleum by 0.4% during the 1st quarter. Epoch Investment Partners Inc. now owns 9,777,039 shares of the oil and gas producer’s stock worth $635,116,000 after acquiring an additional 35,684 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Occidental Petroleum by 0.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,467,029 shares of the oil and gas producer’s stock worth $614,977,000 after acquiring an additional 36,669 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Occidental Petroleum by 9.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,244,976 shares of the oil and gas producer’s stock worth $340,714,000 after acquiring an additional 447,936 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Occidental Petroleum by 1.8% during the 1st quarter. Wells Fargo & Company MN now owns 3,549,966 shares of the oil and gas producer’s stock worth $230,605,000 after acquiring an additional 61,098 shares during the last quarter. Institutional investors own 80.77% 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 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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