Occidental Petroleum (NYSE:OXY) Stock Price Up 1.6% – Still a Buy?

Shares of Occidental Petroleum Co. (NYSE:OXY) were up 1.6% during trading on Thursday . The stock traded as high as $51.24 and last traded at $50.99. Approximately 1,994,065 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 9,430,317 shares. The stock had previously closed at $50.20.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OXY. BMO Capital Markets cut their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. Truist Financial raised their target price on Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a report on Monday, January 13th. Susquehanna lowered their price target on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a report on Thursday, November 14th. Raymond James lifted their target price on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Citigroup reduced their price target on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $62.19.

Occidental Petroleum Trading Down 2.1 %

The firm has a market cap of $46.22 billion, a price-to-earnings ratio of 12.83 and a beta of 1.57. The firm’s 50-day moving average is $49.69 and its 200-day moving average is $53.12. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.79%. The ex-dividend date was Tuesday, December 10th. Occidental Petroleum’s payout ratio is presently 22.92%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were purchased at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the acquisition, the insider now directly owns 257,758,886 shares of the company’s stock, valued at $11,921,348,477.50. The trade was a 0.97 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fortitude Family Office LLC grew its holdings in shares of Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in shares of Occidental Petroleum during the 3rd quarter valued at $32,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum during the 3rd quarter worth $50,000. New Wave Wealth Advisors LLC bought a new position in Occidental Petroleum during the fourth quarter valued at about $59,000. Finally, Westside Investment Management Inc. increased its holdings in Occidental Petroleum by 224.0% during the fourth quarter. Westside Investment Management Inc. now owns 1,555 shares of the oil and gas producer’s stock worth $77,000 after buying an additional 1,075 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.