Occidental Petroleum (NYSE:OXY) Trading Down 0.4% After Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s share price fell 0.4% during trading on Thursday after Piper Sandler lowered their price target on the stock from $57.00 to $51.00. Piper Sandler currently has a neutral rating on the stock. Occidental Petroleum traded as low as $45.81 and last traded at $45.83. 3,738,959 shares were traded during mid-day trading, a decline of 60% from the average session volume of 9,459,933 shares. The stock had previously closed at $46.02.

A number of other research analysts have also weighed in on the stock. UBS Group dropped their price objective on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Wells Fargo & Company dropped their price target on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, December 9th. Susquehanna decreased their price objective on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a report on Thursday, November 14th. TD Cowen dropped their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus target price of $62.10.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the business’s stock in a transaction on Thursday, December 19th. The stock was purchased at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the transaction, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OXY. Fortitude Family Office LLC grew 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 valued at $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum during the 3rd quarter valued at $32,000. Transamerica Financial Advisors Inc. bought a new position in shares of Occidental Petroleum in the third quarter worth $50,000. Strategic Financial Concepts LLC purchased a new stake in shares of Occidental Petroleum in the second quarter worth $53,000. Finally, LRI Investments LLC grew its position in Occidental Petroleum by 34.6% during 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. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Price Performance

The firm has a market capitalization of $42.56 billion, a P/E ratio of 11.81 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The business has a 50 day simple moving average of $50.18 and a two-hundred day simple moving average of $55.13.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

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.