Occidental Petroleum (NYSE:OXY) Trading Up 1% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY) rose 1% on Tuesday . The stock traded as high as $48.44 and last traded at $48.32. Approximately 2,675,957 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 9,602,816 shares. The stock had previously closed at $47.84.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on OXY. BMO Capital Markets reduced their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research report on Friday, October 4th. Wolfe Research upped their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Citigroup decreased their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a report on Tuesday, November 26th. Barclays dropped their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Finally, StockNews.com lowered Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $62.10.

Occidental Petroleum Price Performance

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 capitalization of $45.15 billion, a price-to-earnings ratio of 12.53 and a beta of 1.57. The company has a 50 day moving average price of $49.91 and a 200 day moving average price of $54.88.

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 issued a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.83%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 2,477,362 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was bought at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the transaction, the insider now owns 257,758,886 shares of the company’s stock, valued at approximately $11,921,348,477.50. The trade was a 0.97 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. H&H International Investment LLC increased its stake in shares of Occidental Petroleum by 497.7% in the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after acquiring an additional 7,680,598 shares during the last quarter. Himalaya Capital Management LLC bought a new position in shares of Occidental Petroleum during the second quarter worth $92,433,000. Anson Funds Management LP grew its holdings in shares of Occidental Petroleum by 3,645.8% in the 3rd quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock valued at $39,453,000 after buying an additional 745,050 shares during the period. American Century Companies Inc. increased its position in shares of Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after buying an additional 532,318 shares in the last quarter. Finally, Cooke & Bieler LP increased its holdings in shares of Occidental Petroleum by 53.1% in the second quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock worth $91,398,000 after acquiring an additional 503,173 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

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.