StockNews.com Upgrades Occidental Petroleum (NYSE:OXY) to “Hold”

StockNews.com upgraded shares of Occidental Petroleum (NYSE:OXY) from a sell rating to a hold rating in a research report sent to investors on Wednesday.

Other equities analysts have also issued reports about the stock. Raymond James upped their price objective on shares of Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Stephens upped their price target on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. TD Cowen dropped their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Piper Sandler lowered their target price on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Finally, 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 target on the stock. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $52.68 on Wednesday. The stock has a market cap of $49.43 billion, a price-to-earnings ratio of 13.72 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The firm has a 50 day simple moving average of $49.62 and a 200-day simple moving average of $53.61. Occidental Petroleum has a 1-year low of $45.17 and a 1-year high of $71.18.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 22.92%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the purchase, the insider now directly owns 257,758,886 shares in the company, valued at approximately $11,921,348,477.50. This trade represents a 0.97 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gateway Advisory LLC raised its stake in shares of Occidental Petroleum by 3.9% during the second quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock worth $306,000 after purchasing an additional 184 shares during the last quarter. Segment Wealth Management LLC increased its stake in Occidental Petroleum by 5.2% in the 3rd quarter. Segment Wealth Management LLC now owns 3,973 shares of the oil and gas producer’s stock valued at $205,000 after buying an additional 196 shares during the period. Wealth Alliance Advisory Group LLC raised its position in Occidental Petroleum by 2.2% during the 3rd quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer’s stock worth $474,000 after buying an additional 200 shares during the last quarter. Leavell Investment Management Inc. lifted its stake in shares of Occidental Petroleum by 3.3% in the 3rd quarter. Leavell Investment Management Inc. now owns 6,241 shares of the oil and gas producer’s stock worth $323,000 after acquiring an additional 200 shares during the period. Finally, Empire Financial Management Company LLC boosted its holdings in shares of Occidental Petroleum by 4.1% in the third quarter. Empire Financial Management Company LLC now owns 6,383 shares of the oil and gas producer’s stock valued at $329,000 after acquiring an additional 250 shares in the last quarter. 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.