Occidental Petroleum (NYSE:OXY) Stock Price Up 1.5% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY)’s share price rose 1.5% during trading on Friday . The stock traded as high as $49.05 and last traded at $48.90. Approximately 3,382,452 shares changed hands during trading, a decline of 65% from the average daily volume of 9,596,850 shares. The stock had previously closed at $48.20.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on OXY. Barclays lowered their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Evercore ISI dropped their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Truist Financial decreased their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a research note on Friday, November 8th. Finally, Raymond James boosted their target price on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $62.10.

Occidental Petroleum Stock Up 0.7 %

The company has a market capitalization of $45.57 billion, a PE ratio of 12.65 and a beta of 1.57. The stock’s fifty day moving average is $49.65 and its two-hundred day moving average is $54.58. 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 Announces Dividend

The business also recently announced 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insider Buying and Selling

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. 0.31% of the stock is currently owned by insiders.

Institutional Trading of Occidental Petroleum

A number of institutional investors have recently modified their holdings of the business. Fortitude Family Office LLC lifted its position in shares of 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 acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in Occidental Petroleum during the 3rd quarter worth about $32,000. Transamerica Financial Advisors Inc. purchased a new position in Occidental Petroleum during the 3rd quarter valued at about $50,000. Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum during the second quarter valued at about $53,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Occidental Petroleum in the third quarter worth about $87,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.