Occidental Petroleum (NYSE:OXY) Stock Price Down 0.6% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY)’s share price dropped 0.6% during mid-day trading on Thursday . The stock traded as low as $52.16 and last traded at $52.40. Approximately 1,541,523 shares traded hands during trading, a decline of 84% from the average daily volume of 9,518,878 shares. The stock had previously closed at $52.70.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of analyst reports. Raymond James lifted their price objective on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Wells Fargo & Company cut their price target on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Wednesday. Citigroup cut their target price on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. Finally, Truist Financial increased their price target on Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $62.19.

Occidental Petroleum Stock Performance

The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The stock has a market cap of $49.13 billion, a price-to-earnings ratio of 13.63 and a beta of 1.57. The stock’s fifty day moving average is $49.62 and its 200-day moving average is $53.61.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc bought 2,477,362 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were purchased at an average cost of $46.25 per share, for a total transaction of $114,577,992.50. Following the acquisition, the insider now owns 257,758,886 shares of the company’s stock, valued at approximately $11,921,348,477.50. This represents a 0.97 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several large investors have recently made changes to their positions in OXY. Fortitude Family Office LLC boosted its stake in Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the period. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum in the third quarter valued at about $32,000. Transamerica Financial Advisors Inc. acquired a new position in shares of Occidental Petroleum during the third quarter worth about $50,000. Exchange Traded Concepts LLC bought a new position in shares of Occidental Petroleum during the third quarter worth about $87,000. Finally, Kennebec Savings Bank acquired a new stake in Occidental Petroleum in the 3rd quarter valued at approximately $93,000. 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.