StockNews.com Upgrades Occidental Petroleum (NYSE:OXY) to Hold

Occidental Petroleum (NYSE:OXY) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

A number of other equities research analysts have also commented on OXY. Jefferies Financial Group increased their price objective on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. UBS Group reduced their target price on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Wells Fargo & Company decreased their price target on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Piper Sandler dropped their target price on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Finally, The Goldman Sachs Group started coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target on the stock. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Trading Down 0.8 %

Shares of Occidental Petroleum stock opened at $52.28 on Wednesday. The stock has a market capitalization of $49.05 billion, a P/E ratio of 13.61 and a beta of 1.57. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The company has a 50-day simple moving average of $49.65 and a 200 day simple moving average of $53.61. Occidental Petroleum has a 12-month low of $45.17 and a 12-month high of $71.18.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the company’s stock in a transaction on Thursday, December 19th. The shares were acquired at an average cost 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. This trade represents a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the company. H&H International Investment LLC grew its position in Occidental Petroleum by 497.7% during the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after acquiring an additional 7,680,598 shares during the last quarter. Himalaya Capital Management LLC purchased a new stake in Occidental Petroleum in the second quarter worth $92,433,000. Anson Funds Management LP lifted its position in Occidental Petroleum by 3,645.8% during the third quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock valued at $39,453,000 after buying an additional 745,050 shares during the period. Geode Capital Management LLC lifted its position in Occidental Petroleum by 3.3% during the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock valued at $710,886,000 after buying an additional 444,850 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Occidental Petroleum during the third quarter valued at $18,554,000. 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.