Occidental Petroleum (NYSE:OXY) Trading 1.9% Higher – Still a Buy?

Occidental Petroleum Co. (NYSE:OXY)’s share price was up 1.9% during mid-day trading on Tuesday . The stock traded as high as $49.57 and last traded at $49.39. Approximately 3,144,904 shares were traded during trading, a decline of 67% from the average daily volume of 9,606,700 shares. The stock had previously closed at $48.46.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on OXY shares. Evercore ISI lowered their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research report on Monday, September 30th. Susquehanna dropped their price target on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research note on Thursday, November 14th. Wells Fargo & Company reduced their price objective on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, December 9th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a report on Friday, November 8th. Finally, Mizuho cut their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, December 16th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Trading Up 1.9 %

The firm’s 50 day simple moving average is $49.58 and its two-hundred day simple moving average is $54.46. The stock has a market capitalization of $46.32 billion, a P/E ratio of 12.85 and a beta of 1.57. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was acquired at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the purchase, the insider now owns 257,758,886 shares of the company’s stock, valued at approximately $11,921,348,477.50. This trade represents a 0.97 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC lifted its position in shares of Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new position in shares of Occidental Petroleum in the third quarter valued at approximately $32,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of Occidental Petroleum during the third quarter valued at approximately $50,000. Strategic Financial Concepts LLC bought a new stake in Occidental Petroleum during the second quarter worth $53,000. Finally, Exchange Traded Concepts LLC purchased a new position in Occidental Petroleum in the third quarter worth $87,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

About Occidental Petroleum

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.