Occidental Petroleum (NYSE:OXY) Trading 0.3% Higher – Still a Buy?

Occidental Petroleum Co. (NYSE:OXY) shares shot up 0.3% during trading on Thursday . The company traded as high as $48.16 and last traded at $47.96. 2,442,472 shares traded hands during trading, a decline of 75% from the average session volume of 9,586,387 shares. The stock had previously closed at $47.83.

Analyst Ratings Changes

A number of brokerages recently commented on OXY. StockNews.com downgraded Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, February 6th. Truist Financial upped their price objective on Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Raymond James upped their price objective on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research note on Thursday, November 21st. Bank of America assumed coverage on Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target for the company. Finally, Wells Fargo & Company reduced their price target on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $61.71.

Occidental Petroleum Stock Performance

The firm’s fifty day simple moving average is $49.01 and its 200 day simple moving average is $51.82. The company has a market capitalization of $45.02 billion, a price-to-earnings ratio of 12.49 and a beta of 1.55. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of Occidental Petroleum stock in a transaction dated Thursday, December 19th. The stock was acquired at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the transaction, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 6,854,394 shares of company stock worth $315,101,532 over the last ninety days. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently modified their holdings of OXY. Livforsakringsbolaget Skandia Omsesidigt lifted its position in Occidental Petroleum by 124.1% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,772 shares of the oil and gas producer’s stock worth $143,000 after purchasing an additional 1,535 shares during the period. Inspire Investing LLC lifted its position in shares of Occidental Petroleum by 31.6% during the 3rd quarter. Inspire Investing LLC now owns 5,627 shares of the oil and gas producer’s stock worth $290,000 after buying an additional 1,352 shares during the period. Exchange Traded Concepts LLC bought a new stake in Occidental Petroleum in the third quarter valued at $87,000. Swedbank AB lifted its holdings in shares of Occidental Petroleum by 50.7% during the third quarter. Swedbank AB now owns 282,054 shares of the oil and gas producer’s stock valued at $14,537,000 after acquiring an additional 94,856 shares during the period. Finally, Jamison Private Wealth Management Inc. increased its holdings in shares of Occidental Petroleum by 108.4% during the third quarter. Jamison Private Wealth Management Inc. now owns 6,367 shares of the oil and gas producer’s stock worth $328,000 after buying an additional 3,312 shares in the last quarter. Institutional investors 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.