Occidental Petroleum (NYSE:OXY) Stock Price Down 0.7% – What’s Next?

Occidental Petroleum Co. (NYSE:OXY)’s share price dropped 0.7% during trading on Monday . The stock traded as low as $45.94 and last traded at $46.33. Approximately 5,142,789 shares were traded during trading, a decline of 47% from the average daily volume of 9,614,694 shares. The stock had previously closed at $46.65.

Wall Street Analysts Forecast Growth

OXY has been the subject of a number of recent research reports. Citigroup dropped their target price on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. Mizuho lowered their price objective on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, December 16th. Scotiabank reduced their price target on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. TD Cowen lowered their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Finally, Truist Financial raised their target price on shares of Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $61.71.

Occidental Petroleum Price Performance

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The stock has a market cap of $43.52 billion, a P/E ratio of 12.08 and a beta of 1.55. The firm has a 50-day moving average price of $49.43 and a 200-day moving average price of $52.54.

Occidental Petroleum Dividend Announcement

The company also recently disclosed 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 1.90%. The ex-dividend date of this dividend was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, December 19th. The stock was bought at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the transaction, the insider now owns 264,178,414 shares in the company, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently made changes to their positions in OXY. Fortitude Family Office LLC increased its holdings in 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 valued at $25,000 after buying an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum during the 3rd quarter valued at $32,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of Occidental Petroleum in the 3rd quarter worth $50,000. New Wave Wealth Advisors LLC purchased a new position in Occidental Petroleum during the fourth quarter valued at $59,000. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in Occidental Petroleum during the fourth quarter valued at about $68,000. Hedge funds and other 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.