Occidental Petroleum (NYSE:OXY) Trading 0.6% Higher – Time to Buy?

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

Analyst Ratings Changes

A number of research firms have weighed in on OXY. StockNews.com downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Wednesday, December 18th. Jefferies Financial Group upped their price target on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Wells Fargo & Company dropped their target price on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. The Goldman Sachs Group assumed coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 target price on the stock. Finally, TD Cowen cut their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Two equities research 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $62.10.

Occidental Petroleum Stock Up 0.6 %

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 stock’s fifty day moving average price is $49.84 and its 200 day moving average price is $54.80. The stock has a market cap of $45.15 billion, a P/E ratio of 12.53 and a beta of 1.57.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the stock in a transaction dated Tuesday, December 17th. The shares were purchased at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the completion of the acquisition, the insider now directly owns 257,758,886 shares in the company, valued at $11,921,348,477.50. This trade represents a 0.97 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently modified their holdings of OXY. Principal Financial Group Inc. increased its holdings in shares of Occidental Petroleum by 7.1% in 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 buying an additional 51,042 shares during the last quarter. Alternative Investment Advisors LLC. purchased a new position in Occidental Petroleum during the 3rd quarter worth approximately $1,002,000. Retirement Systems of Alabama grew its holdings in Occidental Petroleum by 1.8% in the third quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock valued at $7,699,000 after purchasing an additional 2,700 shares during the period. Inspire Trust Co. N.A. raised its stake in Occidental Petroleum by 13.2% in the 3rd quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock valued at $2,957,000 after purchasing an additional 6,700 shares during the last quarter. Finally, Synovus Financial Corp raised its position in Occidental Petroleum by 1,247.7% in the 3rd 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. 88.70% of the stock is currently owned by institutional investors.

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.