Occidental Petroleum (NYSE:OXY) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Occidental Petroleum (NYSE:OXY) from a sell rating to a hold rating in a report released on Sunday morning.

Other research analysts also recently issued reports about the company. Truist Financial cut their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. The Goldman Sachs Group initiated coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective on the stock. Piper Sandler dropped their price objective on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Scotiabank reduced their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, TD Cowen lowered their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $51.63 on Friday. Occidental Petroleum has a twelve month low of $45.17 and a twelve month high of $71.18. The company has a market capitalization of $48.45 billion, a P/E ratio of 13.45 and a beta of 1.57. 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 50-day moving average price of $49.47 and a two-hundred day moving average price of $54.01.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.70%. Occidental Petroleum’s payout ratio is currently 22.92%.

Insider Activity

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The shares were acquired at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the purchase, the insider now owns 264,178,414 shares in the company, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently bought and sold shares of the business. H&H International Investment LLC grew its position in shares of Occidental Petroleum by 497.7% during the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after buying an additional 7,680,598 shares in the last quarter. Himalaya Capital Management LLC bought a new position in Occidental Petroleum during the 2nd quarter valued at $92,433,000. Anson Funds Management LP grew its holdings in Occidental Petroleum by 3,645.8% during the 3rd quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock worth $39,453,000 after acquiring an additional 745,050 shares in the last quarter. American Century Companies Inc. increased its position in shares of Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after purchasing an additional 532,318 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Occidental Petroleum by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock valued at $710,886,000 after purchasing an additional 444,850 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.