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Occidental Petroleum Corporation Shares Rise 16.66% From The Lows – But Will They Continue?

In recent trading session, Occidental Petroleum Corporation (NYSE:OXY) saw 3.54 million shares changing hands at last check today with its beta currently measuring 1.79. Company’s recent per share price level of $66.61 trading at -$0.69 or -1.02% at last check today assigns it a market valuation of $58.29B. That most recent trading price of OXY’s stock is at a discount of -14.26% from its 52-week high price of $76.11 and is indicating a premium of 16.66% from its 52-week low price of $55.51. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 9.5 million shares which gives us an average trading volume of 9.30 million if we extend that period to 3-months.

For Occidental Petroleum Corporation (OXY), analysts’ consensus is at an average recommendation of an Overweight while assigning it a mean rating of 2.50. Splitting up the data highlights that, out of 29 analysts covering the stock, 1 rated the stock as a Sell while 1 recommended an Overweight rating for the stock. 17 suggested the stock as a Hold whereas 10 see the stock as a Buy. 0 analyst(s) advised it as an Underweight. The company is expected to be making an EPS of $0.76 in the current quarter.

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Occidental Petroleum Corporation (NYSE:OXY) trade information

Upright in the red during last session for losing -1.02%, in the last five days OXY remained trading in the green while hitting it’s week-highest on Thursday, 09/14/23 when the stock touched $66.61 price level, adding 1.57% to its value on the day. Occidental Petroleum Corporation’s shares saw a change of 5.75% in year-to-date performance and have moved 2.05% in past 5-day. Occidental Petroleum Corporation (NYSE:OXY) showed a performance of 6.50% in past 30-days. Number of shares sold short was 50.75 million shares which calculate 5.96 days to cover the short interests.

Wall Street analysts have assigned a consensus price target of $69.08 to the stock, which implies a rise of 3.58% to its recent value today. Analysts have been projecting $59.00 as a low price target for the stock while placing it at a high target of $85.00. It follows that stock’s current price would drop -27.61% in reaching the projected high whereas dropping to the targeted low would mean a gain of 11.42% for stock’s current value.

Occidental Petroleum Corporation (OXY) estimates and forecasts

Statistics highlight that Occidental Petroleum Corporation is scoring comparatively lower than the scores of other players of the relevant industry. The company added 12.83% of value to its shares in past 6 months, showing an annual growth rate of -59.36% while that of industry is -22.70. Apart from that, the company came lowering its revenue forecast for fiscal year 2023. The company is estimating its revenue growth to decrease by -68.90% in the current quarter and calculating -32.30% decrease in the next quarter. This year revenue growth is estimated to fall -24.30% from the last financial year’s standing.

10 industry analysts have given their estimates about the company’s current quarter revenue by setting an average figure of $6.82 billion for the same. And 10 analysts are in estimates of company making revenue of $7.16 billion in the next quarter that will end on Dec 2023. Company posted $9.5 billion and $8.33 billion of sales in current and next quarters respectively a year earlier. Analysts are expecting this quarter sales to shrink by -28.30% while estimating it to be -13.90% for the next quarter.

Weighing up company’s earnings over the past 5-year and in the next 5-year periods, we find the company posting an annual earnings growth rate of 49.10% during past 5 years.

OXY Dividends

Occidental Petroleum Corporation is more likely to be releasing its next quarterly report between November 06 and November 10 and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.

Occidental Petroleum Corporation (NYSE:OXY)’s Major holders

Insiders are in possession of 0.28% of company’s total shares while institution are holding 79.62 percent of that, with stock having share float percentage of 79.84%. Investors also watch the number of corporate investors in a company very closely, which is 79.62% institutions for Occidental Petroleum Corporation that are currently holding shares of the company. Berkshire Hathaway, Inc is the top institutional holder at OXY for having 224.13 million shares of worth $14.94 billion. And as of Jun 29, 2023, it was holding 25.33% of the company’s outstanding shares.

The second largest institutional holder is Dodge & Cox Inc, which was holding about 91.3 million shares on Jun 29, 2023. The number of shares represents firm’s hold over 10.32% of outstanding shares, having a total worth of $6.09 billion.

On the other hand, Dodge & Cox Stock Fund and Vanguard Total Stock Market Index Fund are the top two Mutual Funds which own company’s shares. As of Jun 29, 2023, the former fund manager was holding 60.77 million shares of worth $4.05 billion or 6.87% of the total outstanding shares. The later fund manager was in possession of 20.86 million shares on Jun 29, 2023, making its stake of worth around $1.39 billion in the company or a holder of 2.36% of company’s stock.

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