Occidental Petroleum (NYSE:OXY) Trading Down 0.4% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price dropped 0.4% during trading on Thursday after Piper Sandler lowered their price target on the stock from $57.00 to $51.00. Piper Sandler currently has a neutral rating on the stock. Occidental Petroleum traded as low as $45.81 and last traded at $45.83. Approximately 3,738,959 shares changed hands during trading, a decline of 60% from the average daily volume of 9,459,933 shares. The stock had previously closed at $46.02.

OXY has been the subject of a number of other reports. Citigroup reduced their target price on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. Jefferies Financial Group increased their price objective on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Truist Financial reduced their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Scotiabank lowered their price objective 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. Finally, Raymond James raised 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 report on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $62.10.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the business’s stock in a transaction dated Thursday, December 19th. The stock was bought at an average price 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 in the company, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC grew its holdings in shares of Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new stake in Occidental Petroleum during the 3rd quarter worth approximately $32,000. LRI Investments LLC increased its position in Occidental Petroleum by 34.6% in the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock valued at $57,000 after acquiring an additional 233 shares during the period. Transamerica Financial Advisors Inc. bought a new position in shares of Occidental Petroleum during the third quarter valued at $50,000. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Occidental Petroleum during the third quarter worth $87,000. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

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 firm has a market capitalization of $42.56 billion, a P/E ratio of 11.81 and a beta of 1.57. The company has a 50-day moving average of $50.18 and a 200-day moving average of $55.13.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date 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 (DPR) is currently 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.