Occidental Petroleum (NYSE:OXY) Stock Price Up 1.9% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s stock price was up 1.9% during mid-day trading on Tuesday . The company traded as high as $49.57 and last traded at $49.39. Approximately 3,144,904 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 9,606,700 shares. The stock had previously closed at $48.46.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OXY. Wolfe Research lifted their target price on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Scotiabank dropped their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Bank of America started coverage on Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price on the stock. Jefferies Financial Group lifted their target price on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Finally, Piper Sandler reduced their price objective on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.10.

Occidental Petroleum Trading Up 2.0 %

The stock has a 50 day moving average price of $49.49 and a 200 day moving average price of $54.36. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The company has a market cap of $46.36 billion, a PE ratio of 12.87 and a beta of 1.57.

Occidental Petroleum Announces Dividend

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 paid a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.78%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc bought 2,477,362 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were bought at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the purchase, the insider now owns 257,758,886 shares in the company, valued at approximately $11,921,348,477.50. The trade was a 0.97 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Occidental Petroleum

Several institutional investors and hedge funds have recently modified their holdings of the company. Concurrent Investment Advisors LLC bought a new stake in Occidental Petroleum during the second quarter valued at about $213,000. Natixis Advisors LLC boosted its stake in Occidental Petroleum by 5.0% in the 2nd quarter. Natixis Advisors LLC now owns 177,183 shares of the oil and gas producer’s stock worth $11,168,000 after purchasing an additional 8,515 shares during the period. Verus Capital Partners LLC increased its holdings in Occidental Petroleum by 11.7% in the 2nd quarter. Verus Capital Partners LLC now owns 4,411 shares of the oil and gas producer’s stock valued at $278,000 after acquiring an additional 463 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in Occidental Petroleum by 1.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 57,061 shares of the oil and gas producer’s stock valued at $3,597,000 after buying an additional 816 shares in the last quarter. Finally, Archer Investment Corp boosted its position in shares of Occidental Petroleum by 23.5% during the 2nd quarter. Archer Investment Corp now owns 2,802 shares of the oil and gas producer’s stock valued at $177,000 after acquiring an additional 534 shares during the last quarter. 88.70% of the stock is currently owned by 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.