Occidental Petroleum Corporation [NYSE: OXY] gained 5.39% or 1.51 points to close at $29.50 with a heavy trading volume of 18540676 shares. The company report on June 10, 2021 that Occidental Announces Continued Progress on Divestment Program with the Sale of Non-Strategic Permian Basin Acreage for $508 Million and Reaffirms 2021 Capital and Production Guidance.
Occidental (NYSE: OXY) announced it has entered into a definitive agreement to sell non-strategic acreage in the Permian Basin to an affiliate of Colgate Energy Partners III, LLC, for $508 million, subject to closing adjustments to reflect an April 1, 2021 effective date. The transaction, which is expected to close in the third quarter of 2021, includes approximately 25,000 net acres in the Southern Delaware Basin in Texas with current production of approximately 10,000 barrels of oil equivalent per day from about 360 active wells. Proceeds from the sale will be applied toward debt reduction.
“We continue to advance our divestiture and deleveraging goals while delivering value for our shareholders,” said President and Chief Executive Officer Vicki Hollub. “This transaction brings our post-Colombia divestiture total to over $1.3 billion of the planned $2 billion to $3 billion, and since August 2019 we have divested more than $9 billion of assets.”.
It opened the trading session at $28.16, the shares rose to $29.59 and dropped to $28.16, the range by which the price of stock traded the whole day. The daily chart for OXY points out that the company has recorded 53.81% gains over the past six months. However, it is still -246.24% lower than its most recent low trading price.
If we look at the average trading volume of 17.86M shares, OXY reached to a volume of 18540676 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Occidental Petroleum Corporation [OXY]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OXY shares is $31.52 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OXY stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Morgan Stanley have made an estimate for Occidental Petroleum Corporation shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on June 18, 2021. While these analysts kept the previous recommendation, Barclays raised their target price from $28 to $33. The new note on the price target was released on June 03, 2021, representing the official price target for Occidental Petroleum Corporation stock. Previously, the target price had yet another raise to $31, while Goldman analysts kept a Buy rating on OXY stock.
The Average True Range (ATR) for Occidental Petroleum Corporation is set at 1.38, with the Price to Sales ratio for OXY stock in the period of the last 12 months amounting to 1.67. The Price to Book ratio for the last quarter was 3.22, with the Price to Cash per share for the same quarter was set at 2.41. Price to Free Cash Flow for OXY in the course of the last twelve months was 23.39 with Quick ratio for the last quarter at 0.90.
Trading performance analysis for OXY stock
Occidental Petroleum Corporation [OXY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.31. With this latest performance, OXY shares gained by 18.24% in over the last four-week period, additionally plugging by 53.81% over the last 6 months – not to mention a rise of 49.67% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OXY stock in for the last two-week period is set at 58.94, with the RSI for the last a single of trading hit 59.50, and the three-weeks RSI is set at 57.82 for Occidental Petroleum Corporation [OXY]. The present Moving Average for the last 50 days of trading for this stock 26.36, while it was recorded at 29.09 for the last single week of trading, and 20.41 for the last 200 days.
Occidental Petroleum Corporation [OXY]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and Occidental Petroleum Corporation [OXY] shares currently have an operating margin of -11.26 and a Gross Margin at +2.57. Occidental Petroleum Corporation’s Net Margin is presently recorded at -78.96.
Return on Total Capital for OXY is now -2.97, given the latest momentum, and Return on Invested Capital for the company is -21.05. Return on Equity for this stock declined to -51.26, with Return on Assets sitting at -13.72. When it comes to the capital structure of this company, Occidental Petroleum Corporation [OXY] has a Total Debt to Total Equity ratio set at 200.82. Additionally, OXY Total Debt to Total Capital is recorded at 66.76, with Total Debt to Total Assets ending up at 44.22. Long-Term Debt to Equity for the company is recorded at 412.96, with the Long-Term Debt to Total Capital now at 65.12.
Reflecting on the efficiency of the workforce at the company, Occidental Petroleum Corporation [OXY] managed to generate an average of -$1,146,864 per employee. Receivables Turnover for the company is 3.95 with a Total Asset Turnover recorded at a value of 0.17.Occidental Petroleum Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.20.
Occidental Petroleum Corporation [OXY]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Occidental Petroleum Corporation posted -1.76/share EPS, while the average EPS was predicted by analysts to be reported at -1.68/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -4.80%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for OXY. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Occidental Petroleum Corporation go to -5.15%.
An analysis of insider ownership at Occidental Petroleum Corporation [OXY]
There are presently around $18,958 million, or 70.60% of OXY stock, in the hands of institutional investors. The top three institutional holders of OXY stocks are: DODGE & COX with ownership of 115,950,679, which is approximately -3.548% of the company’s market cap and around 0.20% of the total institutional ownership; VANGUARD GROUP INC, holding 98,031,291 shares of the stock with an approximate value of $2.89 billion in OXY stocks shares; and ICAHN CARL C, currently with $2.54 billion in OXY stock with ownership of nearly -2.934% of the company’s market capitalization.
Positions in Occidental Petroleum Corporation stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 322 institutional holders increased their position in Occidental Petroleum Corporation [NYSE:OXY] by around 53,615,986 shares. Additionally, 335 investors decreased positions by around 38,624,685 shares, while 140 investors held positions by with 550,395,031 shares. The mentioned changes placed institutional holdings at 642,635,702 shares, according to the latest SEC report filing. OXY stock had 106 new institutional investments in for a total of 15,073,218 shares, while 75 institutional investors sold positions of 4,975,888 shares during the same period.