Occidental Petroleum (NYSE:OXY) Trading Up 1.5% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY)’s share price shot up 1.5% during trading on Friday . The stock traded as high as $49.05 and last traded at $48.90. 3,382,452 shares changed hands during trading, a decline of 65% from the average session volume of 9,596,850 shares. The stock had previously closed at $48.20.

Analysts Set New Price Targets

A number of analysts recently commented on OXY shares. Barclays decreased their price target on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. UBS Group cut their price target on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Susquehanna reduced their price target on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research report on Thursday, November 14th. Wolfe Research lifted their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, Wells Fargo & Company reduced 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 report on Monday, December 9th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and an average target price of $62.10.

Occidental Petroleum Stock Up 0.1 %

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 firm has a market cap of $45.28 billion, a P/E ratio of 12.57 and a beta of 1.57. The stock’s fifty day moving average is $49.71 and its two-hundred day moving average is $54.71.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.82%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently added to or reduced their stakes in OXY. Fortitude Family Office LLC raised its stake in shares of Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Occidental Petroleum in the 3rd quarter worth $32,000. Transamerica Financial Advisors Inc. bought a new stake in Occidental Petroleum in the third quarter worth $50,000. Strategic Financial Concepts LLC purchased a new stake in Occidental Petroleum during the second quarter valued at about $53,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Occidental Petroleum in the third quarter worth about $87,000. 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.