Occidental Petroleum (NYSE:OXY) Shares Up 1% – Still a Buy?

Occidental Petroleum Co. (NYSE:OXY)’s stock price rose 1% during mid-day trading on Tuesday . The company traded as high as $48.44 and last traded at $48.32. Approximately 2,675,957 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 9,602,816 shares. The stock had previously closed at $47.84.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. UBS Group decreased their price objective on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Stephens raised their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Wolfe Research boosted their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Citigroup cut their price target on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a report on Tuesday, November 26th. Finally, Piper Sandler decreased their price objective on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Price Performance

The firm has a 50-day simple moving average of $49.78 and a two-hundred day simple moving average of $54.75. The company has a market capitalization of $45.15 billion, a price-to-earnings ratio of 12.53 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.

Occidental Petroleum Announces Dividend

The business also recently declared 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. This represents a $0.88 annualized dividend and a yield of 1.83%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the stock in a transaction dated Thursday, December 19th. The shares were acquired at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the purchase, the insider now directly 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its stake in shares of Occidental Petroleum by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock worth $710,886,000 after buying an additional 444,850 shares during the period. H&H International Investment LLC lifted its holdings in 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 valued at $475,389,000 after purchasing an additional 7,680,598 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Occidental Petroleum by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock valued at $206,560,000 after purchasing an additional 98,703 shares during the period. American Century Companies Inc. increased its stake in shares of Occidental Petroleum by 16.8% during the second 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 in the last quarter. Finally, Swiss National Bank raised its position in shares of Occidental Petroleum by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after purchasing an additional 5,200 shares during the last quarter. Institutional investors and hedge funds 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.