Occidental Petroleum (NYSE:OXY) Stock Price Down 0% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded down 0% during mid-day trading on Thursday . The company traded as low as $47.49 and last traded at $48.10. 5,722,614 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 9,598,572 shares. The stock had previously closed at $48.12.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. UBS Group lowered their target price on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Truist Financial lowered their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Wells Fargo & Company reduced their target price on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. TD Cowen dropped their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Finally, Scotiabank decreased their target price on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $62.10.

Occidental Petroleum Stock Up 0.7 %

The company has a market cap of $45.57 billion, a P/E ratio of 12.65 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. The company has a 50 day moving average of $49.65 and a 200-day moving average of $54.63.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was purchased at an average cost of $46.25 per share, for a total transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is currently owned by insiders.

Institutional Trading of Occidental Petroleum

A number of hedge funds have recently bought and sold shares of the company. Fortitude Family Office LLC lifted its stake in Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in Occidental Petroleum during the 3rd quarter valued at about $32,000. Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum during the 3rd quarter worth approximately $50,000. Strategic Financial Concepts LLC purchased a new position in Occidental Petroleum in the 2nd quarter worth approximately $53,000. Finally, Exchange Traded Concepts LLC bought a new stake in Occidental Petroleum in the third quarter valued at approximately $87,000. 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.