Occidental Petroleum (NYSE:OXY) Stock Price Down 2.7% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s stock price was down 2.7% during trading on Tuesday . The stock traded as low as $50.31 and last traded at $50.59. Approximately 5,044,091 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 9,347,063 shares. The stock had previously closed at $51.97.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OXY shares. Piper Sandler cut their price target on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Jefferies Financial Group boosted their target price on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Barclays dropped their price target on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Bank of America initiated coverage on Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price on the stock. Finally, BMO Capital Markets cut their price target on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Price 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 business has a 50-day moving average of $49.72 and a two-hundred day moving average of $53.32. The firm has a market cap of $47.52 billion, a P/E ratio of 13.19 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

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 on Thursday, December 19th. The shares were acquired at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the transaction, the insider now owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in shares of 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 valued at $710,886,000 after acquiring an additional 444,850 shares during the period. H&H International Investment LLC raised its stake in Occidental Petroleum by 497.7% during the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after buying an additional 7,680,598 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in 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 worth $206,560,000 after acquiring an additional 98,703 shares in the last quarter. Swiss National Bank increased its holdings in shares of Occidental Petroleum by 0.3% during the third quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock valued at $101,720,000 after acquiring an additional 5,200 shares in the last quarter. Finally, National Pension Service raised its position in shares of Occidental Petroleum by 9.4% during the third quarter. National Pension Service now owns 1,556,461 shares of the oil and gas producer’s stock worth $80,220,000 after purchasing an additional 133,546 shares during the period. 88.70% of the stock is 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.