Occidental Petroleum (NYSE:OXY) Shares Down 4.3% – Here’s What Happened

Shares of Occidental Petroleum Corporation (NYSE:OXY) dropped 4.3% during mid-day trading on Wednesday . The stock traded as low as $61.06 and last traded at $60.78. Approximately 1,372,635 shares were traded during trading, a decline of 89% from the average session volume of 12,369,490 shares. The stock had previously closed at $63.52.

Occidental Petroleum News Summary

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Occidental’s second-quarter results were described as strong, supported by higher earnings, revenue growth, cash flow and an increased quarterly dividend. The company previously reported $2.40 in quarterly EPS versus the $1.83 analyst consensus and revenue of $8.07 billion, well above expectations. Diversified Upstream E&P Stocks Q2 Earnings: Occidental Petroleum Firing on All Cylinders
• Positive Sentiment: Zacks identified OXY as a highly ranked momentum stock, while recent analyst targets have generally remained above the current trading range. The cited analyst target median is $67, suggesting potential upside if oil prices and sector sentiment stabilize. Occidental Petroleum Is a Top-Ranked Momentum Stock
• Positive Sentiment: Quiver Quantitative reported that Occidental CEO Richard A. Jackson purchased 4,770 shares in the past six months, a modest insider-confidence signal. Occidental Petroleum Slides as Oil Pulls Back
• Neutral Sentiment: UBS was reported to forecast strong appreciation for OXY, but the available headline does not provide the firm’s specific target or detailed reasoning. UBS Group Forecasts Strong Price Appreciation for Occidental Petroleum Stock
• Negative Sentiment: Crude oil’s retreat pressured exploration and production companies, including OXY, as traders reduced exposure to energy equities. The move was amplified by profit-taking and caution before the Fed decision. Oil Producers Slide as Crude Retreats
• Negative Sentiment: Because OXY is closely tied to oil prices, weaker commodity momentum can weigh disproportionately on the stock despite its strong recent earnings. No fresh company catalyst emerged to offset the broader energy-sector selling. Occidental Petroleum Stock Slides Wednesday: What’s Happening?

Analyst Ratings Changes

OXY has been the topic of several research analyst reports. Morgan Stanley decreased their price objective on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday, June 26th. Stifel Nicolaus began coverage on Occidental Petroleum in a report on Thursday, September 10th. They issued a “hold” rating and a $68.00 target price on the stock. Weiss Ratings lowered Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Barclays dropped their price target on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Finally, The Goldman Sachs Group reduced their price objective on Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Ten analysts have rated the stock with a Buy rating and seventeen have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $65.17.

Occidental Petroleum Stock Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The firm has a market capitalization of $59.27 billion, a P/E ratio of 9.18, a P/E/G ratio of 0.92 and a beta of 0.16. The stock’s 50 day moving average is $58.08 and its two-hundred day moving average is $57.17.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion for the quarter, compared to analysts’ expectations of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The business’s revenue for the quarter was up 53.4% on a year-over-year basis. During the same period last year, the firm earned $0.39 earnings per share. As a group, equities analysts anticipate that Occidental Petroleum Corporation will post 6.2 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 10th. Occidental Petroleum’s payout ratio is presently 17.34%.

Insider Buying and Selling

In related news, CEO Richard Jackson bought 4,770 shares of Occidental Petroleum stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Occidental Petroleum

Hedge funds have recently modified their holdings of the company. Berkshire Hathaway Inc acquired a new stake in shares of Occidental Petroleum during the second quarter worth about $12,868,205,000. Bank of New York Mellon Corp grew its position in shares of Occidental Petroleum by 84.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after purchasing an additional 4,882,834 shares during the period. Danske Bank A S bought a new stake in Occidental Petroleum during the 2nd quarter worth approximately $172,413,000. Legal & General Group Plc acquired a new stake in Occidental Petroleum during the 2nd quarter worth approximately $168,860,000. Finally, Alyeska Investment Group L.P. raised its holdings in Occidental Petroleum by 237.6% during the 2nd quarter. Alyeska Investment Group L.P. now owns 1,892,318 shares of the oil and gas producer’s stock worth $91,910,000 after buying an additional 1,331,774 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.