Occidental Petroleum (NYSE:OXY) Shares Down 0.6% – Time to Sell?

Occidental Petroleum Co. (NYSE:OXY) shares dropped 0.6% during trading on Monday . The company traded as low as $51.77 and last traded at $51.98. Approximately 7,831,562 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 11,086,349 shares. The stock had previously closed at $52.30.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on OXY shares. Bank of America initiated coverage on Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target on the stock. Jefferies Financial Group raised their price objective on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. 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. Wolfe Research increased their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Citigroup cut their target price on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $62.19.

Occidental Petroleum Trading Down 2.7 %

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 firm’s 50-day moving average price is $49.72 and its 200 day moving average price is $53.32. The company has a market capitalization of $47.46 billion, a P/E ratio of 13.17 and a beta of 1.57.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend was Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of Occidental Petroleum stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the acquisition, the insider now owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd purchased a new position in Occidental Petroleum in the second quarter worth about $256,000. Canada Pension Plan Investment Board raised its stake in Occidental Petroleum by 48.0% during the second quarter. Canada Pension Plan Investment Board now owns 66,216 shares of the oil and gas producer’s stock valued at $4,174,000 after purchasing an additional 21,462 shares in the last quarter. AE Wealth Management LLC increased its position in Occidental Petroleum by 45.1% during the second quarter. AE Wealth Management LLC now owns 10,813 shares of the oil and gas producer’s stock valued at $682,000 after acquiring an additional 3,363 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Occidental Petroleum by 2.6% during the second quarter. Thrivent Financial for Lutherans now owns 57,093 shares of the oil and gas producer’s stock valued at $3,599,000 after acquiring an additional 1,425 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its holdings in shares of Occidental Petroleum by 18.1% in the second quarter. Summit Trail Advisors LLC now owns 4,026 shares of the oil and gas producer’s stock worth $255,000 after purchasing an additional 618 shares during 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.