Occidental Petroleum (NYSE:OXY) Shares Up 1.5% – Should You Buy?

Occidental Petroleum Co. (NYSE:OXY)’s share price rose 1.5% on Friday . The stock traded as high as $49.05 and last traded at $48.90. Approximately 3,382,452 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 9,596,850 shares. The stock had previously closed at $48.20.

Analysts Set New Price Targets

OXY has been the subject of several research analyst reports. Truist Financial dropped their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Barclays cut their price objective on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Raymond James raised their target price on shares of Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. Piper Sandler decreased their price target on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Finally, Evercore ISI dropped their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company 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. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.10.

Occidental Petroleum Trading Up 0.7 %

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 market cap of $45.57 billion, a PE ratio of 12.65 and a beta of 1.57. The firm has a fifty day simple moving average of $49.65 and a two-hundred day simple moving average of $54.58.

Occidental Petroleum Dividend Announcement

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

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc bought 2,477,362 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was purchased at an average price of $46.25 per share, with a total value of $114,577,992.50. Following the transaction, the insider now owns 257,758,886 shares of the company’s stock, valued at approximately $11,921,348,477.50. The trade was a 0.97 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Fortitude Family Office LLC grew its position in shares of Occidental Petroleum by 160.0% in 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 approximately $32,000. Transamerica Financial Advisors Inc. purchased a new position in shares of Occidental Petroleum during the third quarter valued at approximately $50,000. Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter worth approximately $53,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Occidental Petroleum in the 3rd quarter worth approximately $87,000. 88.70% of the stock is 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.