Occidental Petroleum (NYSE:OXY) Shares Up 4.3% After Earnings Beat

Shares of Occidental Petroleum Co. (NYSE:OXY) traded up 4.3% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $41.27 and last traded at $40.67. Approximately 7,424,589 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 10,969,753 shares. The stock had previously closed at $39.01.

The oil and gas producer reported $0.87 EPS for the quarter, beating the consensus estimate of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The business had revenue of $6.80 billion during the quarter, compared to analyst estimates of $6.97 billion. During the same quarter in the previous year, the business posted $0.63 EPS. The company’s quarterly revenue was up 13.9% compared to the same quarter last year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $0.96 annualized dividend and a yield of 2.27%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 39.34%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Roth Capital set a $54.00 price objective on Occidental Petroleum in a research note on Thursday, January 23rd. Citigroup lowered their price target on shares of Occidental Petroleum from $56.00 to $51.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Morgan Stanley set a $58.00 price objective on shares of Occidental Petroleum and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Piper Sandler cut their price target on shares of Occidental Petroleum from $50.00 to $48.00 and set a “neutral” rating on the stock in a report on Tuesday, April 22nd. Finally, StockNews.com lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Thursday, February 27th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and an average target price of $54.05.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OXY. Altshuler Shaham Ltd acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at about $26,000. Whipplewood Advisors LLC purchased a new position in Occidental Petroleum during the fourth quarter valued at approximately $27,000. VSM Wealth Advisory LLC acquired a new position in Occidental Petroleum in the fourth quarter valued at approximately $27,000. Bernard Wealth Management Corp. purchased a new stake in Occidental Petroleum in the 4th quarter worth approximately $32,000. Finally, Grove Bank & Trust grew its stake in shares of Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 407 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Stock Performance

The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The firm’s fifty day moving average price is $42.96 and its two-hundred day moving average price is $47.25. The stock has a market capitalization of $39.71 billion, a PE ratio of 17.32 and a beta of 0.81.

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.