Occidental Petroleum (NYSE:OXY) Trading Up 0.4% – Should You Buy?

Occidental Petroleum Co. (NYSE:OXY) rose 0.4% during mid-day trading on Friday . The stock traded as high as $50.07 and last traded at $50.00. Approximately 2,677,903 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 7,005,771 shares. The stock had previously closed at $49.81.

Wall Street Analyst Weigh In

OXY has been the subject of several research reports. Truist Financial reduced their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Stephens boosted their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. BMO Capital Markets decreased their target price on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target for the company. Finally, UBS Group lowered 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 report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $62.10.

Occidental Petroleum Price Performance

The firm has a market capitalization of $47.40 billion, a P/E ratio of 13.15 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 stock has a 50 day moving average of $49.44 and a two-hundred day moving average of $54.26.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. 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 purchased 3,614,015 shares of the company’s stock in a transaction on Thursday, December 19th. The shares were bought at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the transaction, the insider now directly owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. This represents a 1.39 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its holdings in shares of Occidental Petroleum by 7.1% during the 3rd quarter. Principal Financial Group Inc. now owns 773,762 shares of the oil and gas producer’s stock worth $39,880,000 after purchasing an additional 51,042 shares during the period. Alternative Investment Advisors LLC. acquired a new position in Occidental Petroleum in the 3rd quarter valued at approximately $1,002,000. Retirement Systems of Alabama lifted its position in shares of Occidental Petroleum by 1.8% in the 3rd quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock worth $7,699,000 after acquiring an additional 2,700 shares during the period. Inspire Trust Co. N.A. grew its holdings in shares of Occidental Petroleum by 13.2% during the 3rd quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock worth $2,957,000 after purchasing an additional 6,700 shares in the last quarter. Finally, Synovus Financial Corp raised its stake in shares of Occidental Petroleum by 1,247.7% in the third quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after purchasing an additional 46,740 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

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.