Occidental Petroleum (NYSE:OXY) Cut to “Sell” at StockNews.com

Occidental Petroleum (NYSE:OXY) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

OXY has been the topic of a number of other reports. Wolfe Research lifted their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Scotiabank reduced 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 report on Thursday, October 10th. The Goldman Sachs Group initiated coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target for the company. Piper Sandler cut their price objective on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Finally, UBS Group decreased their target price on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and an average target price of $62.10.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $48.56 on Friday. 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 has a 12 month low of $45.17 and a 12 month high of $71.18. The company has a market cap of $45.57 billion, a price-to-earnings ratio of 12.65 and a beta of 1.57. The stock’s 50-day moving average is $49.65 and its 200-day moving average is $54.63.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were purchased at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the completion of the purchase, the insider now directly owns 257,758,886 shares in the company, valued at $11,921,348,477.50. The trade was a 0.97 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.31% of the stock is currently owned by company insiders.

Institutional Trading of Occidental Petroleum

Institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its stake in Occidental Petroleum by 7.1% during the 3rd quarter. Principal Financial Group Inc. now owns 773,762 shares of the oil and gas producer’s stock worth $39,880,000 after buying an additional 51,042 shares during the last quarter. Alternative Investment Advisors LLC. acquired a new position in shares of Occidental Petroleum during the third quarter valued at $1,002,000. Retirement Systems of Alabama increased its holdings 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 acquiring an additional 2,700 shares during the period. Inspire Trust Co. N.A. lifted its position in 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 valued at $2,957,000 after purchasing an additional 6,700 shares during the last quarter. Finally, Synovus Financial Corp boosted its stake in 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 purchasing an additional 46,740 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.