Occidental Petroleum (NYSE:OXY) Stock Price Up 2.8% on Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price shot up 2.8% during trading on Monday after Truist Financial raised their price target on the stock from $56.00 to $58.00. Truist Financial currently has a hold rating on the stock. Occidental Petroleum traded as high as $52.75 and last traded at $52.74. 4,683,965 shares traded hands during trading, a decline of 49% from the average session volume of 9,223,058 shares. The stock had previously closed at $51.30.

A number of other equities analysts have also weighed in on the stock. TD Cowen cut their price objective on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Wells Fargo & Company cut their price target on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Evercore ISI decreased their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. UBS Group dropped their target price on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Finally, Wolfe Research raised their price target on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $62.19.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the company’s stock in a transaction on Thursday, December 19th. The shares were bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the acquisition, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.31% of the company’s stock.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new stake in shares of Occidental Petroleum in the 2nd quarter valued at about $1,563,000. DekaBank Deutsche Girozentrale lifted its holdings in Occidental Petroleum by 20.8% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 138,748 shares of the oil and gas producer’s stock worth $8,782,000 after buying an additional 23,904 shares during the last quarter. Meeder Advisory Services Inc. grew its position in shares of Occidental Petroleum by 29.8% in the 2nd quarter. Meeder Advisory Services Inc. now owns 11,034 shares of the oil and gas producer’s stock worth $695,000 after acquiring an additional 2,531 shares in the last quarter. Thoroughbred Financial Services LLC increased its holdings in shares of Occidental Petroleum by 38.2% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 5,314 shares of the oil and gas producer’s stock valued at $334,000 after acquiring an additional 1,468 shares during the last quarter. Finally, Wealthspire Advisors LLC lifted its stake in Occidental Petroleum by 7.1% during the second quarter. Wealthspire Advisors LLC now owns 9,637 shares of the oil and gas producer’s stock worth $607,000 after purchasing an additional 637 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Up 3.3 %

The stock has a market cap of $49.70 billion, a price-to-earnings ratio of 13.79 and a beta of 1.57. The business’s fifty day simple moving average is $49.54 and its 200 day simple moving average is $53.76. 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

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.