Investors Purchase High Volume of Occidental Petroleum Call Options (NYSE:OXY)

Occidental Petroleum Corporation (NYSE:OXY) was the recipient of unusually large options trading on Friday. Traders bought 168,342 call options on the company. This is an increase of 189% compared to the typical volume of 58,265 call options.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. bought a new position in shares of Occidental Petroleum during the second quarter valued at approximately $27,000. Grove Bank & Trust raised its holdings in shares of Occidental Petroleum by 129.2% in the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock worth $36,000 after buying an additional 407 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Occidental Petroleum during the first quarter worth about $39,000. Hantz Financial Services Inc. boosted its holdings in Occidental Petroleum by 1,193.9% in the second quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer’s stock valued at $36,000 after purchasing an additional 788 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC boosted its position in Occidental Petroleum by 371.7% in the 2nd quarter. MeadowBrook Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock worth $42,000 after purchasing an additional 788 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Stock Up 1.4%

OXY stock opened at $44.86 on Friday. The stock has a market cap of $44.16 billion, a P/E ratio of 26.54 and a beta of 0.95. Occidental Petroleum has a twelve month low of $34.78 and a twelve month high of $56.49. The business’s 50-day moving average price is $45.63 and its 200-day moving average price is $43.79. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.Occidental Petroleum’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.03 EPS. On average, equities research analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.1%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum’s payout ratio is currently 56.80%.

Analysts Set New Price Targets

A number of research firms have weighed in on OXY. Hsbc Global Res raised Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a report on Friday. Weiss Ratings reissued a “hold (c-)” rating on shares of Occidental Petroleum in a research note on Saturday, September 27th. UBS Group cut their price objective on Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday. Evercore ISI lowered their price objective on Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating for the company in a research report on Friday. Finally, Piper Sandler lifted their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $52.87.

Occidental Petroleum Company Profile

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.