Occidental Petroleum (NYSE:OXY) Trading Up 1.6% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY) shares rose 1.6% during mid-day trading on Tuesday . The stock traded as high as $51.69 and last traded at $51.56. Approximately 2,802,227 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 8,698,704 shares. The stock had previously closed at $50.77.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Bank of America started coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target for the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a research report on Friday, November 8th. Truist Financial lowered their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Citigroup reduced their price objective on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. Finally, Scotiabank decreased their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and an average target price of $62.10.

Occidental Petroleum Stock Performance

The stock has a market cap of $48.01 billion, a PE ratio of 13.32 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. The stock has a 50-day simple moving average of $49.49 and a 200-day simple moving average of $53.99.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.72%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The shares were purchased at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the acquisition, the insider now directly owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in shares of Occidental Petroleum by 24.1% in the 2nd quarter. Victory Capital Management Inc. now owns 385,387 shares of the oil and gas producer’s stock worth $24,291,000 after purchasing an additional 74,750 shares during the last quarter. Savant Capital LLC increased its position in shares of Occidental Petroleum by 15.2% during the 2nd quarter. Savant Capital LLC now owns 17,375 shares of the oil and gas producer’s stock valued at $1,095,000 after purchasing an additional 2,287 shares during the period. Strategic Financial Concepts LLC bought a new stake in Occidental Petroleum in the second quarter worth about $53,000. Acadian Asset Management LLC acquired a new stake in Occidental Petroleum during the second quarter valued at approximately $1,563,000. Finally, Dorsey & Whitney Trust CO LLC boosted its stake in shares of Occidental Petroleum by 16.8% during the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 5,457 shares of the oil and gas producer’s stock worth $344,000 after acquiring an additional 783 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.