Occidental Petroleum (NYSE:OXY) Stock Price Up 0.6% – Time to Buy?

Shares of Occidental Petroleum Co. (NYSE:OXY) traded up 0.6% during mid-day trading on Wednesday . The company traded as high as $48.44 and last traded at $48.12. 5,786,871 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 9,617,724 shares. The stock had previously closed at $47.84.

Analysts Set New Price Targets

A number of research analysts have issued reports on OXY shares. Jefferies Financial Group boosted their target price on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. BMO Capital Markets lowered their target price on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 price objective on shares of Occidental Petroleum in a research report on Friday, November 8th. Piper Sandler decreased their target price on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Finally, Wolfe Research lifted their price target on Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $62.10.

Occidental Petroleum Price Performance

The stock’s 50 day moving average price is $49.71 and its two-hundred day moving average price is $54.71. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The firm has a market capitalization of $45.23 billion, a price-to-earnings ratio of 12.55 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The firm 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 $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were acquired at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the transaction, the insider now owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fortitude Family Office LLC grew its position 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 buying an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth approximately $32,000. Transamerica Financial Advisors Inc. acquired a new stake in shares of Occidental Petroleum during the 3rd quarter worth approximately $50,000. Exchange Traded Concepts LLC acquired a new position in shares of Occidental Petroleum in the third quarter valued at $87,000. Finally, Kennebec Savings Bank bought a new position in Occidental Petroleum in the third quarter worth $93,000. Institutional investors own 88.70% of the company’s stock.

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.