Occidental Petroleum (NYSE:OXY) Trading Down 0.6% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s share price fell 0.6% during trading on Thursday . The company traded as low as $52.16 and last traded at $52.40. 1,541,523 shares changed hands during trading, a decline of 84% from the average session volume of 9,518,878 shares. The stock had previously closed at $52.70.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Scotiabank lowered their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Jefferies Financial Group boosted their target price on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Truist Financial lifted their price target on Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Raymond James increased their price objective on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Bank of America started coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price on the stock. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Stock Down 0.6 %

The company has a market cap of $48.78 billion, a PE ratio of 13.54 and a beta of 1.57. 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 firm has a fifty day simple moving average of $49.67 and a 200 day simple moving average of $53.60.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average cost of $46.25 per share, for a total transaction of $114,577,992.50. Following the acquisition, the insider now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in Occidental Petroleum by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock worth $710,886,000 after purchasing an additional 444,850 shares during the last quarter. H&H International Investment LLC lifted its holdings in shares of Occidental Petroleum by 497.7% in the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after purchasing an additional 7,680,598 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Occidental Petroleum by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock worth $206,560,000 after buying an additional 98,703 shares during the last quarter. Swiss National Bank lifted its stake in Occidental Petroleum by 0.3% in the third quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock valued at $101,720,000 after buying an additional 5,200 shares during the last quarter. Finally, Epoch Investment Partners Inc. lifted its position in Occidental Petroleum by 20.1% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock valued at $104,707,000 after purchasing an additional 277,462 shares during the last quarter. 88.70% of the stock is currently 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.