Traders Purchase Large Volume of Occidental Petroleum Put Options (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) saw some unusual options trading on Friday. Stock traders bought 147,348 put options on the stock. This is an increase of 59% compared to the typical daily volume of 92,584 put options.

Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $47.13 on Friday. The company has a market cap of $44.22 billion, a P/E ratio of 12.27 and a beta of 1.57. Occidental Petroleum has a 52-week low of $45.17 and a 52-week high of $71.18. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The firm’s fifty day moving average is $50.03 and its two-hundred day moving average is $55.04.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given 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 dividend yield of 1.87%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Analyst Ratings Changes

OXY has been the topic of a number of recent research reports. The Goldman Sachs Group began coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 target price on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a report on Friday, November 8th. Jefferies Financial Group upped their target price on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Piper Sandler dropped their price target on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Susquehanna reduced their price objective on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus target price of $62.10.

Insider Activity at Occidental Petroleum

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

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of Occidental Petroleum by 7.1% in the third quarter. Principal Financial Group Inc. now owns 773,762 shares of the oil and gas producer’s stock valued at $39,880,000 after purchasing an additional 51,042 shares in the last quarter. Alternative Investment Advisors LLC. bought a new position in Occidental Petroleum during the third quarter valued at $1,002,000. Retirement Systems of Alabama grew its stake in shares of Occidental Petroleum by 1.8% in the 3rd quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock worth $7,699,000 after buying an additional 2,700 shares in the last quarter. Inspire Trust Co. N.A. increased its holdings in shares of Occidental Petroleum by 13.2% in the 3rd quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock worth $2,957,000 after buying an additional 6,700 shares during the last quarter. Finally, Synovus Financial Corp raised its position in shares of Occidental Petroleum by 1,247.7% during the 3rd quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after buying an additional 46,740 shares in the last quarter. Hedge funds and other 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.