Occidental Petroleum (NYSE:OXY) Shares Up 1.5% – Here’s What Happened

Shares of Occidental Petroleum Co. (NYSE:OXY) rose 1.5% on Tuesday . The company traded as high as $49.13 and last traded at $49.11. Approximately 2,975,379 shares changed hands during trading, a decline of 69% from the average daily volume of 9,621,056 shares. The stock had previously closed at $48.38.

Wall Street Analyst Weigh In

OXY has been the topic of several research reports. UBS Group cut their target price on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. The Goldman Sachs Group lowered shares of Occidental Petroleum from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $54.00 to $45.00 in a report on Friday, January 31st. StockNews.com downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday, February 6th. Bank of America started coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price objective on the stock. Finally, Susquehanna reduced 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. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $61.71.

Occidental Petroleum Stock Performance

The stock has a market capitalization of $45.90 billion, a P/E ratio of 12.75 and a beta of 1.55. 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 50 day moving average of $49.06 and a 200 day moving average of $51.93.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were acquired at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the transaction, the insider now directly owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. The trade was a 1.39 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently modified their holdings of OXY. Certified Advisory Corp bought a new position in shares of Occidental Petroleum during the 4th quarter worth approximately $476,000. Rule One Partners LLC bought a new position in shares of Occidental Petroleum in the 3rd quarter valued at about $14,199,000. Stephens Inc. AR lifted its holdings in Occidental Petroleum by 221.0% in the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock valued at $777,000 after buying an additional 10,382 shares during the period. Sarasin & Partners LLP increased its holdings in Occidental Petroleum by 5.4% in the fourth quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock valued at $48,942,000 after purchasing an additional 50,983 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new position in Occidental Petroleum during the third quarter valued at approximately $2,509,000. 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.