Stock Traders Purchase High Volume of Call Options on Occidental Petroleum (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) was the recipient of some unusual options trading activity on Friday. Stock traders purchased 121,558 call options on the stock. This represents an increase of 30% compared to the average daily volume of 93,341 call options.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc bought 2,477,362 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were purchased at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the completion of the purchase, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in OXY. Fortitude Family Office LLC boosted its holdings in shares of 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 valued at $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in shares of Occidental Petroleum in the third quarter worth about $32,000. Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum during the third quarter valued at approximately $50,000. New Wave Wealth Advisors LLC purchased a new position in Occidental Petroleum during the 4th quarter valued at approximately $59,000. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in Occidental Petroleum in the 4th quarter worth approximately $68,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on OXY shares. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday. Bank of America started coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price on the stock. Scotiabank dropped their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. The Goldman Sachs Group downgraded shares of Occidental Petroleum from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $54.00 to $45.00 in a research report on Friday. Finally, Truist Financial lifted their target price on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.71.

Occidental Petroleum Price Performance

Occidental Petroleum stock traded down $2.27 during mid-day trading on Friday, hitting $46.65. The stock had a trading volume of 18,077,485 shares, compared to its average volume of 9,885,663. 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’s 50 day moving average is $49.54 and its 200 day moving average is $52.78. The firm has a market capitalization of $43.78 billion, a P/E ratio of 12.15 and a beta of 1.57. Occidental Petroleum has a one year low of $45.17 and a one year high of $71.18.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.89%. The ex-dividend date was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

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.