Occidental Petroleum (NYSE:OXY) Trading Down 1% – Here’s Why

Shares of Occidental Petroleum Co. (NYSE:OXY) dropped 1% on Wednesday . The company traded as low as $46.97 and last traded at $47.13. Approximately 2,281,493 shares changed hands during trading, a decline of 77% from the average daily volume of 9,752,412 shares. The stock had previously closed at $47.59.

Analysts Set New Price Targets

OXY has been the subject of a number of recent research reports. TD Cowen dropped their price objective on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Susquehanna decreased their price objective 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. UBS Group dropped their price target on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Wells Fargo & Company lowered their price target on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, December 9th. Finally, Stephens increased their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $61.71.

Occidental Petroleum Stock Down 0.4 %

The stock has a 50-day moving average price of $49.18 and a 200-day moving average price of $52.23. The company has a market capitalization of $43.90 billion, a P/E ratio of 12.18 and a beta of 1.55. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the transaction, the insider now directly 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 this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently added to or reduced their stakes in OXY. Fortitude Family Office LLC boosted 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 acquiring an additional 304 shares in the last quarter. Whipplewood Advisors LLC bought a new position in Occidental Petroleum during the 4th quarter valued at $27,000. Mizuho Securities Co. Ltd. purchased a new position in Occidental Petroleum during the 3rd quarter worth $32,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth $50,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Occidental Petroleum by 27.1% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,164 shares of the oil and gas producer’s stock valued at $58,000 after purchasing an additional 248 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.