Occidental Petroleum (NYSE:OXY) Trading Down 2.7% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY)’s stock price fell 2.7% on Tuesday . The company traded as low as $50.31 and last traded at $50.59. 5,044,091 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 9,347,063 shares. The stock had previously closed at $51.97.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of recent analyst reports. Mizuho dropped their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, December 16th. Wolfe Research raised their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Raymond James boosted their target price on shares of Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. TD Cowen dropped their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Finally, Stephens upped their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One 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 stock. According to MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus price target of $62.19.

Occidental Petroleum Stock Up 0.2 %

The firm has a market capitalization of $47.20 billion, a P/E ratio of 13.10 and a beta of 1.57. 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 50 day simple moving average of $49.71 and a two-hundred day simple moving average of $53.22.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were paid a dividend of $0.22 per share. The ex-dividend date was Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.75%. Occidental Petroleum’s payout ratio is 22.92%.

Insiders Place Their Bets

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 stock was acquired at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the purchase, the insider now directly owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This represents a 1.39 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 modified their holdings of OXY. Segment Wealth Management LLC lifted its holdings in shares of Occidental Petroleum by 5.2% during the third quarter. Segment Wealth Management LLC now owns 3,973 shares of the oil and gas producer’s stock valued at $205,000 after purchasing an additional 196 shares during the last quarter. Wealth Alliance Advisory Group LLC increased its stake in Occidental Petroleum by 2.2% in the 3rd quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer’s stock valued at $474,000 after buying an additional 200 shares during the period. Leavell Investment Management Inc. raised its holdings in shares of Occidental Petroleum by 3.3% during the third quarter. Leavell Investment Management Inc. now owns 6,241 shares of the oil and gas producer’s stock worth $323,000 after acquiring an additional 200 shares in the last quarter. Empire Financial Management Company LLC increased its holdings in Occidental Petroleum by 4.1% in the third quarter. Empire Financial Management Company LLC now owns 6,383 shares of the oil and gas producer’s stock worth $329,000 after buying an additional 250 shares during the last quarter. Finally, Park Avenue Securities LLC raised its position in Occidental Petroleum by 3.2% during the fourth quarter. Park Avenue Securities LLC now owns 8,058 shares of the oil and gas producer’s stock valued at $398,000 after acquiring an additional 250 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

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.