Occidental Petroleum (NYSE:OXY) Trading Down 0.9% – Here’s Why

Shares of Occidental Petroleum Co. (NYSE:OXY) traded down 0.9% during mid-day trading on Tuesday . The company traded as low as $51.92 and last traded at $52.23. 2,607,081 shares were traded during mid-day trading, a decline of 73% from the average session volume of 9,603,845 shares. The stock had previously closed at $52.68.

Wall Street Analyst Weigh In

OXY has been the topic of several analyst reports. Stephens raised their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a research note on Friday, November 8th. Piper Sandler dropped their price target on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Susquehanna reduced their price objective on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research report on Thursday, November 14th. Finally, Wolfe Research boosted their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $62.19.

Occidental Petroleum Trading Down 1.2 %

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 capitalization of $48.82 billion, a PE ratio of 13.55 and a beta of 1.57. The business has a 50 day moving average price of $49.59 and a 200-day moving average price of $53.69.

Occidental Petroleum Dividend Announcement

The business 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 dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.69%. Occidental Petroleum’s payout ratio is currently 22.92%.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was 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 owns 257,758,886 shares in the company, valued at $11,921,348,477.50. This trade represents a 0.97 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently modified their holdings of the company. Fortitude Family Office LLC raised its stake in Occidental Petroleum by 160.0% during 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 period. Mizuho Securities Co. Ltd. acquired a new stake in Occidental Petroleum during the third quarter worth about $32,000. Transamerica Financial Advisors Inc. acquired a new position in Occidental Petroleum during the third quarter valued at approximately $50,000. Exchange Traded Concepts LLC acquired a new stake in Occidental Petroleum in the 3rd quarter valued at $87,000. Finally, Kennebec Savings Bank purchased a new stake in shares of Occidental Petroleum during the 3rd quarter valued at about $93,000. Institutional investors and hedge funds 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.