Occidental Petroleum (NYSE:OXY) Trading 0.8% Higher – Here’s Why

Occidental Petroleum Co. (NYSE:OXY)’s share price traded up 0.8% on Friday . The stock traded as high as $52.54 and last traded at $51.59. 4,551,893 shares were traded during mid-day trading, a decline of 49% from the average session volume of 8,996,186 shares. The stock had previously closed at $51.19.

Analysts Set New Price Targets

A number of equities research analysts have commented on OXY shares. Piper Sandler reduced their target price on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Mizuho decreased their target price on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research report on Monday, December 16th. Evercore ISI dropped their price target 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 decreased their price objective on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a report on Thursday, November 14th. Finally, TD Cowen dropped their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus target price of $62.10.

Occidental Petroleum Price Performance

The stock’s fifty day moving average price is $49.54 and its two-hundred day moving average price is $53.82. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $48.18 billion, a price-to-earnings ratio of 13.37 and a beta of 1.57.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.71%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were purchased at an average price of $46.25 per share, with a total value of $114,577,992.50. Following the completion of the acquisition, the insider now owns 257,758,886 shares in the company, valued at approximately $11,921,348,477.50. This represents a 0.97 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently made changes to their positions in OXY. Acadian Asset Management LLC acquired a new stake in Occidental Petroleum in the 2nd quarter worth about $1,563,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Occidental Petroleum by 20.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 138,748 shares of the oil and gas producer’s stock worth $8,782,000 after acquiring an additional 23,904 shares in the last quarter. Meeder Advisory Services Inc. boosted its stake in Occidental Petroleum by 29.8% during the 2nd quarter. Meeder Advisory Services Inc. now owns 11,034 shares of the oil and gas producer’s stock valued at $695,000 after acquiring an additional 2,531 shares during the last quarter. Mcintyre Freedman & Flynn Investment Advisers Inc. grew its position in shares of Occidental Petroleum by 8.9% in the 2nd quarter. Mcintyre Freedman & Flynn Investment Advisers Inc. now owns 24,500 shares of the oil and gas producer’s stock worth $1,544,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its position in shares of Occidental Petroleum by 38.2% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 5,314 shares of the oil and gas producer’s stock valued at $334,000 after buying an additional 1,468 shares during the last quarter. 88.70% of the stock is currently 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.