Occidental Petroleum (NYSE:OXY) Shares Up 1.6% – Time to Buy?

Occidental Petroleum Co. (NYSE:OXY)’s share price rose 1.6% on Tuesday . The company traded as high as $51.69 and last traded at $51.56. Approximately 2,802,227 shares traded hands during trading, a decline of 68% from the average daily volume of 8,698,704 shares. The stock had previously closed at $50.77.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Raymond James boosted their target price on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. 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 target price for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research note on Friday, November 8th. Truist Financial dropped 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. Finally, Susquehanna lowered their price target on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and an average target price of $62.10.

Occidental Petroleum Stock Down 0.8 %

The stock has a market cap of $48.01 billion, a P/E ratio of 13.32 and a beta of 1.57. The company’s 50 day moving average price is $49.49 and its two-hundred day moving average price is $53.99. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.72%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were purchased at an average cost of $45.60 per share, with a total value 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

Hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in Occidental Petroleum by 7.1% during the 3rd quarter. Principal Financial Group Inc. now owns 773,762 shares of the oil and gas producer’s stock worth $39,880,000 after buying an additional 51,042 shares in the last quarter. Alternative Investment Advisors LLC. purchased a new position in Occidental Petroleum in the third quarter worth approximately $1,002,000. Retirement Systems of Alabama raised its holdings in Occidental Petroleum by 1.8% in the 3rd quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock valued at $7,699,000 after buying an additional 2,700 shares during the period. Inspire Trust Co. N.A. boosted its position in shares of Occidental Petroleum by 13.2% during the 3rd quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock worth $2,957,000 after purchasing an additional 6,700 shares during the period. Finally, Synovus Financial Corp grew its stake in shares of Occidental Petroleum by 1,247.7% in the third quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after buying an additional 46,740 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Company Profile

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.