Occidental Petroleum (NYSE:OXY) Stock Price Down 1% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded down 1% during trading on Wednesday . The stock traded as low as $50.64 and last traded at $51.01. 2,512,190 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 8,953,729 shares. The stock had previously closed at $51.55.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OXY. BMO Capital Markets decreased their price objective on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research note on Friday, October 4th. Stephens increased their price target on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. 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 report on Tuesday, November 12th. Raymond James increased their target price on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Finally, StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Sunday. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $62.10.

Occidental Petroleum Price Performance

The firm’s 50 day moving average is $49.47 and its 200 day moving average is $54.01. The firm has a market cap of $47.53 billion, a P/E ratio of 13.19 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of Occidental Petroleum stock in a transaction dated Thursday, December 19th. The stock was purchased at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the purchase, the insider now directly 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 purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of large investors have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC increased 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 valued at $25,000 after acquiring an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new position in shares of Occidental Petroleum in the third quarter worth about $32,000. Transamerica Financial Advisors Inc. purchased a new stake in Occidental Petroleum in the 3rd quarter worth approximately $50,000. Strategic Financial Concepts LLC bought a new position in shares of Occidental Petroleum in the second quarter worth approximately $53,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Occidental Petroleum during the 3rd quarter valued at $87,000. 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.