Occidental Petroleum (NYSE:OXY) Stock Price Up 1.6% – Should You Buy?

Shares of Occidental Petroleum Co. (NYSE:OXY) traded up 1.6% during mid-day trading on Tuesday . The stock traded as high as $51.69 and last traded at $51.56. 2,802,227 shares were traded during mid-day trading, a decline of 68% from the average session volume of 8,698,704 shares. The stock had previously closed at $50.77.

Analyst Ratings Changes

A number of brokerages have weighed in on OXY. Piper Sandler decreased their target price on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Wells Fargo & Company decreased their target price on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Monday, December 9th. TD Cowen cut their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Citigroup dropped their target price on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $62.10.

Occidental Petroleum Stock Performance

The firm has a fifty day moving average price of $49.44 and a 200 day moving average price of $54.08. The firm has a market cap of $48.59 billion, a PE ratio of 13.48 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.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 annualized dividend and a dividend yield of 1.70%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were purchased at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the transaction, the insider now directly owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.31% of the stock is owned by company insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in Occidental Petroleum by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock worth $710,886,000 after purchasing an additional 444,850 shares in the last quarter. H&H International Investment LLC grew its position in Occidental Petroleum by 497.7% in the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after acquiring an additional 7,680,598 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Occidental Petroleum by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock valued at $206,560,000 after purchasing an additional 98,703 shares during the period. American Century Companies Inc. grew its holdings in Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after purchasing an additional 532,318 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in Occidental Petroleum by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after buying an additional 5,200 shares in the last quarter. Institutional investors and hedge funds 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.