Occidental Petroleum (NYSE:OXY) Trading Down 0.8% – Should You Sell?

Occidental Petroleum Co. (NYSE:OXY) fell 0.8% during mid-day trading on Thursday . The stock traded as low as $50.60 and last traded at $51.16. 7,451,603 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 9,978,206 shares. The stock had previously closed at $51.55.

Wall Street Analyst Weigh In

OXY has been the subject of several analyst reports. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Sunday, January 5th. The Goldman Sachs Group began coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. Truist Financial reduced their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Bank of America began coverage on Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price for the company. Finally, Susquehanna lowered their price target on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Price Performance

The firm’s fifty day moving average price is $49.54 and its 200-day moving average price is $53.89. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The stock has a market cap of $48.18 billion, a P/E ratio of 13.37 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The shares were acquired at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the acquisition, 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. 0.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC lifted its holdings in Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum in the 3rd quarter valued at approximately $32,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum during the third quarter valued at approximately $50,000. Exchange Traded Concepts LLC bought a new position in Occidental Petroleum in the third quarter worth $87,000. Finally, Kennebec Savings Bank purchased a new position in Occidental Petroleum during the third quarter valued at $93,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.