Occidental Petroleum (NYSE:OXY) Trading 1% Higher – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s share price shot up 1% during trading on Friday . The stock traded as high as $49.09 and last traded at $48.34. 3,527,537 shares traded hands during trading, a decline of 63% from the average session volume of 9,591,286 shares. The stock had previously closed at $47.88.

Analysts Set New Price Targets

OXY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. TD Cowen cut their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Stephens raised their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Citigroup dropped their target price on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 26th. Finally, Wolfe Research raised their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $61.71.

Occidental Petroleum Trading Up 0.5 %

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The stock has a market cap of $45.16 billion, a P/E ratio of 12.53 and a beta of 1.55. The stock has a 50-day moving average price of $49.00 and a 200-day moving average price of $51.71.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was purchased at an average price of $46.25 per share, with a total value of $114,577,992.50. Following the completion of 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders purchased a total of 6,854,394 shares of company stock worth $315,101,532 over the last three months. 0.31% of the stock is owned by insiders.

Institutional Trading of Occidental Petroleum

Hedge funds have recently bought and sold shares of the company. Fortitude Family Office LLC raised its stake in shares of Occidental Petroleum by 160.0% during 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. Altshuler Shaham Ltd purchased a new position in Occidental Petroleum in the 4th quarter worth $26,000. VSM Wealth Advisory LLC bought a new stake in Occidental Petroleum in the fourth quarter worth $27,000. Whipplewood Advisors LLC bought a new position in shares of Occidental Petroleum during the fourth quarter valued at about $27,000. Finally, Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum in the third quarter worth about $32,000. Institutional investors own 88.70% of the company’s stock.

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.