Occidental Petroleum (NYSE:OXY) Stock Price Down 0.7% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s share price was down 0.7% during trading on Monday . The company traded as low as $45.94 and last traded at $46.33. Approximately 5,142,789 shares traded hands during trading, a decline of 47% from the average daily volume of 9,614,694 shares. The stock had previously closed at $46.65.

Analysts Set New Price Targets

OXY has been the subject of a number of recent analyst reports. Wells Fargo & Company dropped their price objective on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Mizuho reduced their price objective on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. Bank of America assumed coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price for the company. Raymond James lifted their price target on shares of Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Piper Sandler dropped their price objective on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $61.71.

Occidental Petroleum Price Performance

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 company’s 50 day moving average is $49.31 and its 200-day moving average is $52.31. The firm has a market capitalization of $44.44 billion, a price-to-earnings ratio of 12.33 and a beta of 1.55.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the company’s stock in a transaction dated Thursday, December 19th. The stock was bought at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the acquisition, the insider now owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This represents a 1.39 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Norden Group LLC grew its holdings in shares of Occidental Petroleum by 7.2% during the 4th quarter. Norden Group LLC now owns 29,868 shares of the oil and gas producer’s stock worth $1,476,000 after purchasing an additional 2,014 shares in the last quarter. Bridges Investment Management Inc. boosted its holdings in shares of Occidental Petroleum by 5.6% in the 4th quarter. Bridges Investment Management Inc. now owns 22,824 shares of the oil and gas producer’s stock valued at $1,128,000 after purchasing an additional 1,201 shares in the last quarter. Keynote Financial Services LLC lifted its holdings in shares of Occidental Petroleum by 16.0% in the fourth quarter. Keynote Financial Services LLC now owns 44,707 shares of the oil and gas producer’s stock worth $2,209,000 after acquiring an additional 6,164 shares during the last quarter. Metis Global Partners LLC grew its holdings in shares of Occidental Petroleum by 3.6% during the 4th quarter. Metis Global Partners LLC now owns 29,791 shares of the oil and gas producer’s stock valued at $1,472,000 after purchasing an additional 1,026 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Occidental Petroleum by 1.1% in the 4th quarter. Fisher Asset Management LLC now owns 613,647 shares of the oil and gas producer’s stock valued at $30,320,000 after purchasing an additional 6,461 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.