Insider Buying: Occidental Petroleum Co. (NYSE:OXY) Director Buys $224,800.00 in Stock

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Occidental Petroleum Co. (NYSE:OXY) Director William R. Klesse purchased 5,000 shares of Occidental Petroleum stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $44.96 per share, for a total transaction of $224,800.00. Following the transaction, the director now directly owns 96,203 shares in the company, valued at $4,325,286.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Shares of NYSE OXY opened at $43.96 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.00 and a current ratio of 1.20. Occidental Petroleum Co. has a fifty-two week low of $43.08 and a fifty-two week high of $83.35. The firm has a market capitalization of $33.50 billion, a PE ratio of 8.77, a price-to-earnings-growth ratio of 2.49 and a beta of 0.82. The stock’s 50-day simple moving average is $49.80 and its 200-day simple moving average is $57.69.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.06. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The business had revenue of $4.48 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same quarter last year, the company earned $1.10 EPS. The business’s quarterly revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts forecast that Occidental Petroleum Co. will post 3.35 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 7.19%. The ex-dividend date of this dividend is Monday, September 9th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.78. Occidental Petroleum’s dividend payout ratio (DPR) is 62.28%.

A number of equities research analysts have issued reports on the company. TheStreet lowered Occidental Petroleum from a “b-” rating to a “c+” rating in a research report on Friday, May 24th. KeyCorp lowered Occidental Petroleum from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, April 24th. Morgan Stanley reduced their price target on Occidental Petroleum from $55.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. JPMorgan Chase & Co. assumed coverage on Occidental Petroleum in a research report on Tuesday. They issued an “underweight” rating and a $50.00 price target on the stock. Finally, Zacks Investment Research lowered Occidental Petroleum from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $71.95.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Harvest Group Wealth Management LLC acquired a new position in Occidental Petroleum during the first quarter worth approximately $34,000. Mizuho Securities Co. Ltd. acquired a new position in Occidental Petroleum during the second quarter worth approximately $30,000. Cornerstone Advisors Inc. increased its position in Occidental Petroleum by 110.9% during the first quarter. Cornerstone Advisors Inc. now owns 694 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 365 shares during the period. Meridian Wealth Management LLC acquired a new position in Occidental Petroleum during the first quarter worth approximately $46,000. Finally, TRUE Private Wealth Advisors acquired a new position in Occidental Petroleum during the second quarter worth approximately $36,000. 81.12% of the stock is currently owned by institutional investors and hedge funds.

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 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.

See Also: Equity Income

Insider Buying and Selling by Quarter for Occidental Petroleum (NYSE:OXY)

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