Occidental Petroleum Sees Unusually Large Options Volume (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) was the target of some unusual options trading activity on Friday. Traders purchased 147,348 put options on the stock. This is an increase of approximately 59% compared to the typical volume of 92,584 put options.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $45.36 on Friday. Occidental Petroleum has a twelve month low of $45.17 and a twelve month high of $71.18. 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 $42.56 billion, a P/E ratio of 11.81 and a beta of 1.57. The business’s 50-day moving average price is $50.18 and its two-hundred day moving average price is $55.13.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.94%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OXY. Barclays cut their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Raymond James lifted their target price on shares of Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Scotiabank reduced their target price on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a report on Friday, November 8th. Finally, 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. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Occidental Petroleum has an average rating of “Hold” and a consensus price target of $62.10.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the firm’s stock in a transaction on Thursday, December 19th. The stock was purchased at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the acquisition, the insider now owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by insiders.

Institutional Trading of Occidental Petroleum

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Fortitude Family Office LLC lifted its position 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 buying an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth approximately $32,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of Occidental Petroleum in the 3rd quarter valued at $50,000. Strategic Financial Concepts LLC bought a new position in shares of Occidental Petroleum during the 2nd quarter valued at $53,000. Finally, LRI Investments LLC lifted its stake in Occidental Petroleum by 34.6% in the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after purchasing an additional 233 shares during the last quarter. Hedge funds and other 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.