Occidental Petroleum (NYSE:OXY) Trading Up 0.5% – Should You Buy?

Occidental Petroleum Co. (NYSE:OXY) shares shot up 0.5% during mid-day trading on Wednesday . The stock traded as high as $46.95 and last traded at $46.79. 2,457,780 shares traded hands during trading, a decline of 74% from the average session volume of 9,427,367 shares. The stock had previously closed at $46.56.

Wall Street Analyst Weigh In

Several research firms have weighed in on OXY. Stephens boosted their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. TD Cowen cut their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Bank of America assumed coverage on Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price for the company. Citigroup cut their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a report on Tuesday, November 26th. Finally, Piper Sandler lowered their price objective on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $62.10.

Occidental Petroleum Stock Down 1.4 %

The stock has a 50 day moving average price of $50.18 and a 200 day moving average price of $55.13. The company has a market cap of $42.56 billion, a P/E ratio of 11.81 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of Occidental Petroleum stock in a transaction dated Thursday, December 19th. The stock was acquired at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the purchase, the insider now directly owns 264,178,414 shares in the company, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC raised its holdings in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the period. Mizuho Securities Co. Ltd. acquired a new stake in shares of Occidental Petroleum during the third quarter valued at approximately $32,000. LRI Investments LLC lifted its position in shares of Occidental Petroleum by 34.6% in the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock valued at $57,000 after acquiring an additional 233 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new position in Occidental Petroleum in the 3rd quarter worth approximately $50,000. Finally, Exchange Traded Concepts LLC purchased a new position in Occidental Petroleum during the 3rd quarter worth approximately $87,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.