Traders Purchase Large Volume of Occidental Petroleum Put Options (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) saw unusually large options trading on Friday. Stock traders acquired 147,348 put options on the stock. This represents an increase of 59% compared to the average volume of 92,584 put options.

Occidental Petroleum Price Performance

Occidental Petroleum stock opened at $47.13 on Friday. Occidental Petroleum has a 12 month low of $45.17 and a 12 month high of $71.18. 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 company has a market capitalization of $44.22 billion, a PE ratio of 12.27 and a beta of 1.57. The stock has a 50-day moving average price of $50.03 and a two-hundred day moving average price of $55.00.

Occidental Petroleum Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on OXY shares. Wolfe Research boosted their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Mizuho reduced their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. Stephens lifted their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Evercore ISI cut their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Finally, Piper Sandler lowered 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 report on Thursday. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $62.10.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the stock in a transaction on Thursday, December 19th. The stock was acquired at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the purchase, the insider now owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This represents a 1.39 % 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. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently modified their holdings of OXY. Principal Financial Group Inc. raised its holdings in Occidental Petroleum by 7.1% in the 3rd quarter. Principal Financial Group Inc. now owns 773,762 shares of the oil and gas producer’s stock worth $39,880,000 after purchasing an additional 51,042 shares during the period. Alternative Investment Advisors LLC. acquired a new position in shares of Occidental Petroleum during the third quarter worth $1,002,000. Retirement Systems of Alabama grew its holdings in shares of Occidental Petroleum by 1.8% during the third quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock valued at $7,699,000 after buying an additional 2,700 shares during the last quarter. Inspire Trust Co. N.A. boosted its stake in shares of Occidental Petroleum by 13.2% during the 3rd quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock worth $2,957,000 after acquiring an additional 6,700 shares in the last quarter. Finally, Synovus Financial Corp lifted its stake in Occidental Petroleum by 1,247.7% in the 3rd quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after buying an additional 46,740 shares in the last quarter. 88.70% of the stock is currently 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.