Occidental Petroleum (NYSE:OXY) Shares Up 2.8% Following Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY) shares traded up 2.8% during mid-day trading on Monday after Truist Financial raised their price target on the stock from $56.00 to $58.00. Truist Financial currently has a hold rating on the stock. Occidental Petroleum traded as high as $52.75 and last traded at $52.74. 4,683,965 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 9,223,058 shares. The stock had previously closed at $51.30.

A number of other brokerages also recently weighed in on OXY. Stephens increased their price target 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. Wells Fargo & Company lowered their price target on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. Wolfe Research raised their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. 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, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research note on Friday, November 8th. One equities research 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. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $62.19.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc bought 2,477,362 shares of the stock in a transaction dated Tuesday, December 17th. The stock was bought at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the purchase, the insider now 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 purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. SignalPoint Asset Management LLC raised its position in shares of Occidental Petroleum by 55.1% during the 4th quarter. SignalPoint Asset Management LLC now owns 16,158 shares of the oil and gas producer’s stock valued at $798,000 after acquiring an additional 5,737 shares during the last quarter. Winch Advisory Services LLC increased its holdings in Occidental Petroleum by 1,823.7% in the fourth quarter. Winch Advisory Services LLC now owns 2,193 shares of the oil and gas producer’s stock valued at $108,000 after purchasing an additional 2,079 shares during the last quarter. Smith Thornton Advisors LLC lifted its stake in Occidental Petroleum by 56.4% in the fourth quarter. Smith Thornton Advisors LLC now owns 6,422 shares of the oil and gas producer’s stock valued at $317,000 after buying an additional 2,316 shares during the period. Brave Asset Management Inc. boosted its holdings in Occidental Petroleum by 50.9% during the fourth quarter. Brave Asset Management Inc. now owns 6,524 shares of the oil and gas producer’s stock worth $322,000 after buying an additional 2,200 shares during the last quarter. Finally, Apella Capital LLC acquired a new position in shares of Occidental Petroleum during the 4th quarter worth about $273,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Trading Down 1.1 %

The company has a market capitalization of $48.90 billion, a P/E ratio of 13.57 and a beta of 1.57. The business has a 50 day moving average price of $49.62 and a 200 day moving average price of $53.61. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.69%. Occidental Petroleum’s dividend payout ratio is 22.92%.

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.