Occidental Petroleum (NYSE:OXY) Trading 5.1% Higher After Insider Buying Activity

Occidental Petroleum Co. (NYSE:OXY) shares were up 5.1% during mid-day trading on Friday after an insider bought additional shares in the company. The stock traded as high as $48.00 and last traded at $47.68. Approximately 9,633,576 shares were traded during trading, an increase of 1% from the average daily volume of 9,514,071 shares. The stock had previously closed at $45.36.

Specifically, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the stock in a transaction dated Thursday, December 19th. The shares were purchased at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the transaction, the insider now owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This represents a 1.39 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the stock in a transaction on Tuesday, December 17th. The shares were purchased at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the transaction, the insider now directly owns 257,758,886 shares of the company’s stock, valued at approximately $11,921,348,477.50. This represents a 0.97 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

OXY has been the subject of a number of recent research reports. Citigroup dropped their target price on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. TD Cowen decreased their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Stephens raised their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Bank of America assumed coverage on Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price for the company. Finally, BMO Capital Markets lowered their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research report on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $62.10.

Occidental Petroleum Trading Up 5.4 %

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 stock’s fifty day moving average price is $50.18 and its 200 day moving average price is $55.13. The stock has a market cap of $44.84 billion, a P/E ratio of 12.45 and a beta of 1.57.

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 paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently bought and sold shares of OXY. Fortitude Family Office LLC boosted its holdings 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. bought a new position in Occidental Petroleum in the 3rd quarter worth $32,000. Transamerica Financial Advisors Inc. purchased a new position in Occidental Petroleum during the third quarter valued at $50,000. Strategic Financial Concepts LLC bought a new stake in Occidental Petroleum during the second quarter valued at about $53,000. Finally, LRI Investments LLC increased its position in Occidental Petroleum by 34.6% in the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after buying an additional 233 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

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.