Occidental Petroleum (NYSE:OXY) Trading Up 1.9% – Still a Buy?

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded up 1.9% during trading on Tuesday . The company traded as high as $49.57 and last traded at $49.39. 3,144,904 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 9,606,700 shares. The stock had previously closed at $48.46.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Susquehanna reduced their price objective on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a research note on Thursday, November 14th. Piper Sandler dropped their price objective on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. UBS Group dropped their price target 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. Bank of America started coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price for the company. Finally, Wolfe Research increased their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. 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 data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Price Performance

The firm has a market capitalization of $46.36 billion, a price-to-earnings ratio of 12.87 and a beta of 1.57. The stock’s 50-day moving average price is $49.49 and its 200 day moving average price is $54.36. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.78%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insider Transactions at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, December 19th. The shares were purchased at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fortitude Family Office LLC grew its position in 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 valued at $25,000 after buying an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in Occidental Petroleum in the 3rd quarter valued at approximately $32,000. Transamerica Financial Advisors Inc. acquired a new stake in shares of Occidental Petroleum in the third quarter valued at about $50,000. Exchange Traded Concepts LLC purchased a new stake in Occidental Petroleum during the third quarter worth $87,000. Finally, Kennebec Savings Bank acquired a new position in Occidental Petroleum during the third quarter worth about $93,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

About Occidental Petroleum

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.