Occidental Petroleum Co. (NYSE:OXY) saw a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 51,200,900 shares, a growth of 9.1% from the June 30th total of 46,912,500 shares. Based on an average trading volume of 10,420,000 shares, the days-to-cover ratio is presently 4.9 days. Approximately 6.8% of the shares of the company are sold short.
In other Occidental Petroleum news, Director Margaret M. Foran bought 1,000 shares of Occidental Petroleum stock in a transaction dated Wednesday, August 14th. The stock was bought at an average cost of $43.15 per share, for a total transaction of $43,150.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Vicki A. Hollub purchased 37,460 shares of Occidental Petroleum stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $48.15 per share, with a total value of $1,803,699.00. Following the completion of the purchase, the insider now directly owns 248,326 shares in the company, valued at $11,956,896.90. The disclosure for this purchase can be found here. Insiders have bought a total of 104,160 shares of company stock valued at $5,023,276 over the last quarter. 0.15% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of OXY. Essex Savings Bank boosted its position in shares of Occidental Petroleum by 16.8% during the 1st quarter. Essex Savings Bank now owns 1,216 shares of the oil and gas producer’s stock valued at $80,000 after purchasing an additional 175 shares in the last quarter. OLD Second National Bank of Aurora boosted its holdings in Occidental Petroleum by 0.3% in the first quarter. OLD Second National Bank of Aurora now owns 54,908 shares of the oil and gas producer’s stock worth $3,635,000 after acquiring an additional 178 shares in the last quarter. Wetherby Asset Management Inc. boosted its holdings in Occidental Petroleum by 1.1% in the first quarter. Wetherby Asset Management Inc. now owns 16,215 shares of the oil and gas producer’s stock worth $1,074,000 after acquiring an additional 182 shares in the last quarter. ACG Wealth boosted its holdings in Occidental Petroleum by 5.3% in the first quarter. ACG Wealth now owns 3,916 shares of the oil and gas producer’s stock worth $259,000 after acquiring an additional 198 shares in the last quarter. Finally, Fruth Investment Management boosted its holdings in Occidental Petroleum by 5.1% in the first quarter. Fruth Investment Management now owns 4,118 shares of the oil and gas producer’s stock worth $272,000 after acquiring an additional 200 shares in the last quarter. 81.12% of the stock is owned by institutional investors.
Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.06. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The company had revenue of $4.48 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the firm earned $1.10 EPS. Occidental Petroleum’s revenue was up 8.4% on a year-over-year basis. As a group, equities research analysts predict that Occidental Petroleum will post 3.35 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be issued a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 7.09%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.78. Occidental Petroleum’s payout ratio is 62.28%.
OXY has been the subject of several recent research reports. Wells Fargo & Co downgraded Occidental Petroleum from an “outperform” rating to a “market perform” rating in a research note on Monday, May 20th. Zacks Investment Research downgraded Occidental Petroleum from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Wolfe Research downgraded Occidental Petroleum from an “outperform” rating to a “peer perform” rating and cut their target price for the company from $85.00 to $65.00 in a research report on Monday, May 13th. Mizuho downgraded Occidental Petroleum from a “buy” rating to a “neutral” rating and cut their target price for the company from $83.00 to $70.00 in a research report on Monday, April 22nd. Finally, Jefferies Financial Group downgraded Occidental Petroleum from a “buy” rating to a “hold” rating and cut their target price for the company from $74.00 to $66.00 in a research report on Monday, April 29th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $71.95.
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 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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