Occidental Petroleum (NYSE:OXY) Shares Down 2.7% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY) shares fell 2.7% on Tuesday . The company traded as low as $50.31 and last traded at $50.59. 5,044,091 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 9,347,063 shares. The stock had previously closed at $51.97.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on OXY shares. TD Cowen cut their price target 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. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Wednesday, January 15th. Susquehanna cut their price objective on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a report on Thursday, November 14th. Barclays dropped their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Finally, BMO Capital Markets dropped their target price on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Trading Down 2.5 %

The stock has a market cap of $47.52 billion, a PE ratio of 13.19 and a beta of 1.57. 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 has a 50-day simple moving average of $49.72 and a 200-day simple moving average of $53.32.

Occidental Petroleum Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Insider Activity

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

Institutional Trading of Occidental Petroleum

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC raised its stake in Occidental Petroleum by 3.3% in the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock valued at $710,886,000 after purchasing an additional 444,850 shares in the last quarter. H&H International Investment LLC increased 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 buying an additional 7,680,598 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 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 valued at $206,560,000 after buying an additional 98,703 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Occidental Petroleum by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after acquiring an additional 5,200 shares during the last quarter. Finally, National Pension Service grew its position in Occidental Petroleum by 9.4% in the third quarter. National Pension Service now owns 1,556,461 shares of the oil and gas producer’s stock worth $80,220,000 after acquiring an additional 133,546 shares in the last quarter. 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.