Occidental Petroleum (NYSE:OXY) Shares Up 0.3% – Time to Buy?

Shares of Occidental Petroleum Co. (NYSE:OXY) shot up 0.3% on Thursday . The company traded as high as $48.16 and last traded at $47.96. 2,442,472 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 9,586,387 shares. The stock had previously closed at $47.83.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OXY. Susquehanna lowered their target price on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a report on Thursday, November 14th. Citigroup decreased their price target 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. Mizuho decreased their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. The Goldman Sachs Group lowered Occidental Petroleum from a “neutral” rating to a “sell” rating and decreased their target price for the company from $54.00 to $45.00 in a research report on Friday, January 31st. Finally, Jefferies Financial Group boosted their target price on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $61.71.

Occidental Petroleum Stock Performance

The company’s fifty day simple moving average is $49.00 and its 200 day simple moving average is $51.71. 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 stock has a market capitalization of $45.16 billion, a P/E ratio of 12.53 and a beta of 1.55.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the firm’s stock in a transaction dated Thursday, December 19th. The stock was purchased at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the transaction, the insider now 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders acquired 6,854,394 shares of company stock worth $315,101,532. 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. Inspire Investing LLC increased its stake in shares of Occidental Petroleum by 31.6% during the third quarter. Inspire Investing LLC now owns 5,627 shares of the oil and gas producer’s stock valued at $290,000 after purchasing an additional 1,352 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in Occidental Petroleum during the third quarter valued at $87,000. Swedbank AB boosted its holdings in Occidental Petroleum by 50.7% in the third quarter. Swedbank AB now owns 282,054 shares of the oil and gas producer’s stock worth $14,537,000 after acquiring an additional 94,856 shares in the last quarter. Vontobel Holding Ltd. grew its position in Occidental Petroleum by 389.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 78,802 shares of the oil and gas producer’s stock valued at $4,061,000 after purchasing an additional 62,716 shares during the last quarter. Finally, Cornerstone Wealth Management LLC bought a new stake in shares of Occidental Petroleum during the third quarter valued at approximately $258,000. Institutional investors 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.