Occidental Petroleum Corporation [NYSE: OXY] slipped around -0.43 points on Friday, while shares priced at $26.58 at the close of the session, down -1.59%. The company report on July 14, 2021 that Occidental Announces Early Tender Results of and Upsize in Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes.
Occidental (NYSE: OXY) announced the early tender results of its offers to purchase for cash (collectively, the “Tender Offers” and each a “Tender Offer”) its outstanding 2.700% Senior Notes due 2022 (the “2.700% 2022 Notes”), 2.70% Senior Notes due 2023 (the “2.70% 2023 Notes”), 3.450% Senior Notes due 2024 (the “3.450% 2024 Notes”), 2.900% Senior Notes due 2024 (the “2.900% 2024 Notes”), 3.500% Senior Notes due 2025 (the “3.500% 2025 Notes”), 3.400% Senior Notes due 2026 (the “3.400% 2026 Notes”), 3.200% Senior Notes due 2026 (the “3.200% 2026 Notes” and, together with the 3.400% 2026 Notes, the “2026 Notes”) and Floating Interest Rate Senior Notes due 2022 (the “Floating Rate 2022 Notes” and, together with the 2026 Notes, the 2.700% 2022 Notes, the 2.70% 2023 Notes, the 3.450% 2024 Notes, the 2.900% 2024 Notes and the 3.500% 2025 Notes, the “Notes”). In connection therewith, Occidental further announced that it is increasing the maximum aggregate purchase price of Notes it will accept for purchase, excluding accrued but unpaid interest (as amended herein, the “Maximum Aggregate Purchase Price”), from the previously announced amount of $2,500,000,000 to $3,104,329,102.50 and that it is increasing the maximum aggregate principal amount to be purchased by Occidental of the 2026 Notes (as amended herein, the “Sub-Cap”) from the previously announced amount of $300,000,000 to $333,346,000.
The Tender Offers and Consent Solicitations (as defined below) are being made pursuant to the terms and subject to the conditions described in Occidental’s Offer to Purchase and Consent Solicitation Statement, dated June 29, 2021, as amended by this press release (the “Offer to Purchase”). Capitalized terms used but not defined herein have the meanings ascribed thereto in the Offer to Purchase.
Occidental Petroleum Corporation stock is now 53.55% up from its year-to-date (YTD) trading value. OXY Stock saw the intraday high of $27.07 and lowest of $26.2475 per share. The company’s 52-week high price is 33.50, which means current price is +53.46% above from all time high which was touched on 07/01/21.
Compared to the average trading volume of 18.00M shares, OXY reached a trading volume of 9458650 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say 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 $32.87 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 1.52, with the Price to Sales ratio for OXY stock in the period of the last 12 months amounting to 1.51. The Price to Book ratio for the last quarter was 2.90, with the Price to Cash per share for the same quarter was set at 2.39. Price to Free Cash Flow for OXY in the course of the last twelve months was 21.24 with Quick ratio for the last quarter at 0.90.
How has OXY stock performed recently?
Occidental Petroleum Corporation [OXY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.47. With this latest performance, OXY shares dropped by -14.15% in over the last four-week period, additionally plugging by 23.69% over the last 6 months – not to mention a rise of 58.03% 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 41.87, with the RSI for the last a single of trading hit 39.59, and the three-weeks RSI is set at 44.39 for Occidental Petroleum Corporation [OXY]. The present Moving Average for the last 50 days of trading for this stock 28.27, while it was recorded at 26.19 for the last single week of trading, and 22.55 for the last 200 days.
Occidental Petroleum Corporation [OXY]: Deeper insight into the fundamentals
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.
Earnings analysis for Occidental Petroleum Corporation [OXY]
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%.
Insider trade positions for Occidental Petroleum Corporation [OXY]
There are presently around $17,069 million, or 67.40% 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 $2.61 billion in OXY stocks shares; and ICAHN CARL C, currently with $2.29 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 August and at the time of the August reporting period, where 318 institutional holders increased their position in Occidental Petroleum Corporation [NYSE:OXY] by around 52,733,641 shares. Additionally, 334 investors decreased positions by around 38,825,587 shares, while 139 investors held positions by with 550,599,811 shares. The mentioned changes placed institutional holdings at 642,159,039 shares, according to the latest SEC report filing. OXY stock had 106 new institutional investments in for a total of 14,800,632 shares, while 75 institutional investors sold positions of 5,185,362 shares during the same period.