Occidental Petroleum (NYSE:OXY) Trading Down 0.8% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded down 0.8% during trading on Thursday . The stock traded as low as $50.60 and last traded at $51.16. 7,451,603 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 9,978,206 shares. The stock had previously closed at $51.55.

Analyst Ratings Changes

A number of research firms have recently issued reports on OXY. Truist Financial cut their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Mizuho reduced their price objective on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, December 16th. UBS Group decreased their target price on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Susquehanna reduced their price target on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research note on Thursday, November 14th. Finally, Wells Fargo & Company lowered their price objective on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and an average price target of $62.10.

Occidental Petroleum Trading Down 0.8 %

The firm’s 50-day simple moving average is $49.49 and its 200 day simple moving average is $53.99. The firm has a market capitalization of $48.01 billion, a price-to-earnings ratio of 13.32 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.72%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were bought at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the acquisition, the insider now owns 257,758,886 shares of the company’s stock, valued at $11,921,348,477.50. This trade represents a 0.97 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fortitude Family Office LLC boosted its position in 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 worth $25,000 after buying an additional 304 shares during the period. Mizuho Securities Co. Ltd. bought a new position in shares of Occidental Petroleum during the third quarter valued at $32,000. Transamerica Financial Advisors Inc. acquired a new position in shares of Occidental Petroleum during the third quarter worth $50,000. Exchange Traded Concepts LLC acquired a new stake in Occidental Petroleum in the third quarter valued at $87,000. Finally, Kennebec Savings Bank bought a new position in Occidental Petroleum during the 3rd quarter worth $93,000. 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.