Occidental Petroleum (NYSE:OXY) Trading 2.7% Higher – Time to Buy?

Shares of Occidental Petroleum Co. (NYSE:OXY) traded up 2.7% during mid-day trading on Monday . The stock traded as high as $48.02 and last traded at $48.06. 2,926,187 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 9,575,889 shares. The stock had previously closed at $46.78.

Analysts Set New Price Targets

A number of brokerages have commented on OXY. Jefferies Financial Group upped their price objective on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Susquehanna lowered their price target on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a research report on Thursday, November 14th. Stephens lifted their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Piper Sandler cut their price objective on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $61.71.

Occidental Petroleum Price Performance

The company’s 50 day simple moving average is $49.03 and its 200 day simple moving average is $51.85. The stock has a market cap of $44.88 billion, a P/E ratio of 12.46 and a beta of 1.55. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was acquired at an average price of $46.82 per share, with a total value of $35,724,455.94. Following the completion of the purchase, the insider now directly owns 264,941,431 shares in the company, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders acquired 6,854,394 shares of company stock valued at $315,101,532. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently made changes to their positions in the stock. Fortitude Family Office LLC boosted its stake in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares during the last quarter. Whipplewood Advisors LLC bought a new stake in Occidental Petroleum during the 4th quarter worth approximately $27,000. VSM Wealth Advisory LLC purchased a new stake in Occidental Petroleum in the 4th quarter valued at $27,000. Mizuho Securities Co. Ltd. bought a new position in shares of Occidental Petroleum during the third quarter valued at about $32,000. Finally, Atala Financial Inc purchased a new position in shares of Occidental Petroleum in the 4th quarter worth approximately $40,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.