Occidental Petroleum (NYSE:OXY) Shares Down 0.6% – Should You Sell?

Occidental Petroleum Co. (NYSE:OXY)’s stock price dropped 0.6% on Thursday . The company traded as low as $52.16 and last traded at $52.40. Approximately 1,541,523 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 9,518,878 shares. The stock had previously closed at $52.70.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Barclays reduced their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Bank of America assumed coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. Stephens raised their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a report on Friday, November 8th. Finally, The Goldman Sachs Group started coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price objective for the company. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $62.19.

Occidental Petroleum Trading Down 0.7 %

The company’s fifty day moving average is $49.62 and its 200-day moving average is $53.61. 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 $49.13 billion, a P/E ratio of 13.63 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the firm’s stock in a transaction on Thursday, December 19th. The shares were bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the transaction, the insider now directly owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Occidental Petroleum

Several large investors have recently added to or reduced their stakes in OXY. Fortitude Family Office LLC increased 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 during the period. Mizuho Securities Co. Ltd. bought a new position in shares of Occidental Petroleum during the 3rd quarter worth about $32,000. Transamerica Financial Advisors Inc. acquired a new stake in shares of Occidental Petroleum during the 3rd quarter valued at about $50,000. Exchange Traded Concepts LLC bought a new stake in Occidental Petroleum in the third quarter valued at about $87,000. Finally, Kennebec Savings Bank acquired a new stake in Occidental Petroleum during the third quarter valued at approximately $93,000. Institutional investors and hedge funds 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.