Occidental Petroleum (NYSE:OXY) Stock Price Down 0.4% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s share price was down 0.4% during trading on Thursday after Piper Sandler lowered their price target on the stock from $57.00 to $51.00. Piper Sandler currently has a neutral rating on the stock. Occidental Petroleum traded as low as $45.81 and last traded at $45.83. Approximately 3,738,959 shares changed hands during trading, a decline of 60% from the average daily volume of 9,459,933 shares. The stock had previously closed at $46.02.

A number of other brokerages also recently issued reports on OXY. Truist Financial dropped their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Jefferies Financial Group raised their target price on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. UBS Group decreased their target price on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 price target on shares of Occidental Petroleum in a research note on Friday, November 8th. Finally, Evercore ISI lowered their target price on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $62.10.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of Occidental Petroleum stock in a transaction dated Thursday, December 19th. The shares were purchased at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the transaction, the insider now directly owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. This represents a 1.39 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently bought and sold shares of OXY. Atria Wealth Solutions Inc. grew its holdings in Occidental Petroleum by 0.6% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock valued at $1,735,000 after buying an additional 176 shares in the last quarter. Raymond James Trust N.A. grew its holdings in shares of Occidental Petroleum by 1.0% in the second quarter. Raymond James Trust N.A. now owns 17,592 shares of the oil and gas producer’s stock valued at $1,109,000 after purchasing an additional 182 shares in the last quarter. Gateway Advisory LLC raised its stake in Occidental Petroleum by 3.9% during the second quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock valued at $306,000 after purchasing an additional 184 shares in the last quarter. Segment Wealth Management LLC lifted its position in Occidental Petroleum by 5.2% during the third quarter. Segment Wealth Management LLC now owns 3,973 shares of the oil and gas producer’s stock valued at $205,000 after purchasing an additional 196 shares during the last quarter. Finally, Wealth Alliance Advisory Group LLC grew its stake in shares of Occidental Petroleum by 2.2% in the 3rd quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer’s stock worth $474,000 after buying an additional 200 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The business’s fifty day moving average price is $50.03 and its two-hundred day moving average price is $55.04. The stock has a market capitalization of $44.22 billion, a P/E ratio of 12.27 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

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.