Occidental Petroleum (NYSE:OXY) Shares Up 5.8% After Better-Than-Expected Earnings

Occidental Petroleum Co. (NYSE:OXY)’s share price was up 5.8% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $52.17 and last traded at $51.66. Approximately 12,643,479 shares traded hands during mid-day trading, an increase of 26% from the average daily volume of 10,053,400 shares. The stock had previously closed at $48.84.

The oil and gas producer reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.13. Occidental Petroleum had a return on equity of 15.98% and a net margin of 15.89%. The business had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Citigroup cut their target price on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a research note on Friday, November 8th. Truist Financial boosted their price target on shares of Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Stephens restated an “overweight” rating and set a $71.00 price target on shares of Occidental Petroleum in a research note on Wednesday. Finally, Jefferies Financial Group boosted their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $61.71.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the company’s stock in a transaction on Friday, February 7th. The shares were bought at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the transaction, the insider now owns 264,941,431 shares of the company’s stock, valued at $12,404,557,799.42. This represents a 0.29 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders acquired a total of 6,854,394 shares of company stock valued at $315,101,532 in the last quarter. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently bought and sold shares of OXY. Exchange Traded Concepts LLC purchased a new position in shares of Occidental Petroleum in the third quarter worth approximately $87,000. Bleakley Financial Group LLC boosted its holdings in Occidental Petroleum by 8.5% during the third quarter. Bleakley Financial Group LLC now owns 10,603 shares of the oil and gas producer’s stock valued at $546,000 after purchasing an additional 834 shares in the last quarter. Capital Investment Advisors LLC grew its stake in shares of Occidental Petroleum by 44.7% in the 3rd quarter. Capital Investment Advisors LLC now owns 7,955 shares of the oil and gas producer’s stock valued at $410,000 after purchasing an additional 2,456 shares during the period. OLD National Bancorp IN raised its holdings in shares of Occidental Petroleum by 4.7% in the 3rd quarter. OLD National Bancorp IN now owns 6,209 shares of the oil and gas producer’s stock worth $320,000 after buying an additional 280 shares in the last quarter. Finally, GFG Capital LLC lifted its position in shares of Occidental Petroleum by 9.2% during the 3rd quarter. GFG Capital LLC now owns 50,552 shares of the oil and gas producer’s stock worth $2,605,000 after buying an additional 4,267 shares during the period. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Trading Up 5.8 %

The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The company has a 50 day moving average of $49.01 and a 200 day moving average of $51.45. The firm has a market cap of $48.51 billion, a price-to-earnings ratio of 13.45 and a beta of 1.55.

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.