Occidental Petroleum (NYSE:OXY) Trading Down 0.5% – Here’s Why

Shares of Occidental Petroleum Co. (NYSE:OXY) dropped 0.5% during mid-day trading on Friday . The stock traded as low as $51.86 and last traded at $52.04. Approximately 2,456,293 shares traded hands during trading, a decline of 74% from the average daily volume of 9,269,034 shares. The stock had previously closed at $52.30.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Susquehanna cut their price objective on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a research report on Thursday, November 14th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a research report on Friday, November 8th. Citigroup decreased their target price on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. The Goldman Sachs Group assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. Finally, Piper Sandler lowered 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. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $62.19.

Occidental Petroleum Stock Down 0.6 %

The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The stock has a fifty day moving average price of $49.70 and a two-hundred day moving average price of $53.52. The company has a market cap of $48.78 billion, a price-to-earnings ratio of 13.54 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th were issued a dividend of $0.22 per share. The ex-dividend date was Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.69%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The stock was acquired at an average price 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently bought and sold shares of the company. Westside Investment Management Inc. increased its stake in Occidental Petroleum by 224.0% in the fourth quarter. Westside Investment Management Inc. now owns 1,555 shares of the oil and gas producer’s stock valued at $77,000 after acquiring an additional 1,075 shares during the last quarter. Simon Quick Advisors LLC bought a new stake in shares of Occidental Petroleum during the 4th quarter worth $247,000. Capricorn Fund Managers Ltd bought a new position in shares of Occidental Petroleum in the fourth quarter worth about $4,691,000. Segment Wealth Management LLC lifted its holdings in shares of Occidental Petroleum by 7.7% in the fourth quarter. Segment Wealth Management LLC now owns 4,278 shares of the oil and gas producer’s stock worth $211,000 after acquiring an additional 305 shares during the last quarter. Finally, TB Alternative Assets Ltd. acquired a new stake in shares of Occidental Petroleum in the 4th quarter valued at approximately $16,260,000. 88.70% of the stock is owned by institutional investors.

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.