Unusual Options Activity in Occidental Petroleum (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY – Get Free Report) experienced a significant surge in options trading on Wednesday, with a total of 116,673 call options purchased. This volume represents an increase of around 46% compared to the usual daily volume of 80,070 call options.

Analyst Insights

Several analysts have recently shared their views on Occidental Petroleum's stock. On November 14th, Susquehanna adjusted their price target for the company, reducing it from $77.00 to $65.00 while maintaining a "positive" rating. Meanwhile, TD Cowen revised their target price down from $80.00 to $68.00, also indicating a "buy" rating in their report on November 12th. Additionally, StockNews.com upgraded Occidental Petroleum from a "sell" to a "hold" rating on Wednesday. Wolfe Research raised their price target from $73.00 to $75.00 and issued a "buy" rating on November 12th. JPMorgan Chase & Co. reaffirmed a "neutral" rating with a target price of $56.00 as noted in their report on November 8th. In total, two analysts have given the stock a sell rating, thirteen have classified it as a hold, six have given it a buy rating, and one analyst has indicated a strong buy. According to data from MarketBeat.com, Occidental Petroleum currently holds a consensus rating of "Hold" with a target price estimate of $61.71.

Insider Transactions

In other notable news, major shareholder Berkshire Hathaway Inc. made a significant purchase of Occidental Petroleum shares, buying 3,614,015 shares on December 19th at an average price of $45.60 each. This transaction totaled approximately $164.8 million, and as a result, Berkshire Hathaway now owns 264,178,414 shares valued at around $12.05 billion, reflecting a 1.39% increase in their stake. This transaction was formally disclosed in a filing with the Securities & Exchange Commission. Over the last quarter, insiders collectively purchased 6,854,394 shares of Occidental Petroleum, amounting to $315.1 million, indicating a modest insider ownership level of about 0.48%.

Institutional Investment Trends

Recent changes in holdings by institutional investors and hedge funds show a growing interest in Occidental Petroleum. Exchange Traded Concepts LLC acquired a new position during the third quarter valued at $87,000. Bleakley Financial Group LLC increased its stake by 8.5%, bringing their total to 10,603 shares worth around $546,000 after an additional purchase of 834 shares. Capital Investment Advisors LLC expanded its position by 44.7%, now holding 7,955 shares valued at $410,000 following a purchase of 2,456 shares. OLD National Bancorp IN grew its investment by 4.7%, now owning 6,209 shares worth $320,000 after acquiring 280 more. GFG Capital LLC also increased their stake by 9.2%, owning 50,552 shares valued at approximately $2.61 million after a purchase of 4,267 shares. Overall, approximately 88.7% of Occidental Petroleum's stock is held by institutional investors and hedge funds.

Recent Stock Performance

As of Thursday, Occidental Petroleum shares opened at $51.00. The stock has a 50-day moving average price of $49.06 and a 200-day moving average of $51.44. Over the past 52 weeks, shares have fluctuated, reaching a low of $45.17 and a high of $71.18. Occidental Petroleum has a market capitalization of $47.86 billion, a price-to-earnings (P/E) ratio of 13.28, and a beta of 1.55. Financial metrics reveal a quick ratio of 0.76, a current ratio of 1.00, and a debt-to-equity ratio of 0.96.

Recently, Occidental Petroleum announced its quarterly earnings on February 18th, reporting earnings per share of $0.80, exceeding experts' expectations of $0.67 by $0.13. The company recorded revenue of $6.84 billion, falling short of the consensus estimate of $7.14 billion. The firm reported a net margin of 15.89% and a return on equity of 15.98%. Analysts are predicting that Occidental Petroleum will post earnings of $3.34 per share for the current fiscal year.

Dividend Announcement

In recent updates, Occidental Petroleum declared a quarterly dividend of $0.24 per share to be paid on April 15th, with shareholders on record by March 10th eligible for the payout. This is an increase from the previous dividend amount of $0.22. The annualized dividend totals $0.96, providing a yield of 1.88%. The ex-dividend date is set for March 10th, and Occidental Petroleum's dividend payout ratio stands at 22.92%.

About Occidental Petroleum

Occidental Petroleum Corporation, including its subsidiaries, is involved in the acquisition, exploration, and development of oil and gas properties primarily in the United States, Middle East, and North Africa. The company operates through various segments: Oil and Gas, Chemical, and Midstream and Marketing, focusing on oil, natural gas liquids, and natural gas production.

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