Occidental Petroleum (NYSE:OXY) Trading Down 0.9% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY) was down 0.9% on Tuesday . The company traded as low as $51.92 and last traded at $52.23. Approximately 2,607,081 shares changed hands during trading, a decline of 73% from the average daily volume of 9,603,845 shares. The stock had previously closed at $52.68.

Analyst Ratings Changes

A number of brokerages have issued reports on OXY. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a research report on Friday, November 8th. Truist Financial lifted their price target on Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Monday. Barclays reduced their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Bank of America began coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. Finally, Susquehanna lowered 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. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $62.19.

Occidental Petroleum Price Performance

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 company has a 50 day moving average of $49.59 and a two-hundred day moving average of $53.69. The firm has a market cap of $48.82 billion, a P/E ratio of 13.55 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors 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 yield of 1.69%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Insiders Place Their Bets

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. 0.31% of the stock is currently owned by company insiders.

Institutional Trading of Occidental Petroleum

Large investors have recently added to or reduced their stakes in the company. Apella Capital LLC acquired a new position in Occidental Petroleum in the 4th quarter worth about $273,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Occidental Petroleum by 8.1% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 9,748 shares of the oil and gas producer’s stock valued at $482,000 after acquiring an additional 733 shares during the last quarter. Park Avenue Securities LLC grew its position in Occidental Petroleum by 3.2% in the fourth quarter. Park Avenue Securities LLC now owns 8,058 shares of the oil and gas producer’s stock worth $398,000 after acquiring an additional 250 shares in the last quarter. FNY Investment Advisers LLC raised its holdings in shares of Occidental Petroleum by 4,791.6% during the 4th quarter. FNY Investment Advisers LLC now owns 4,060 shares of the oil and gas producer’s stock valued at $200,000 after purchasing an additional 3,977 shares in the last quarter. Finally, Moody National Bank Trust Division boosted its holdings in Occidental Petroleum by 4.4% in the fourth quarter. Moody National Bank Trust Division now owns 13,881 shares of the oil and gas producer’s stock worth $686,000 after purchasing an additional 588 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.