Occidental Petroleum (NYSE:OXY) Stock Price Up 0.8% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY) shares shot up 0.8% during trading on Friday . The stock traded as high as $52.54 and last traded at $51.59. 4,551,893 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 8,996,186 shares. The stock had previously closed at $51.19.

Wall Street Analyst Weigh In

A number of equities research analysts 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 objective on the stock. UBS Group reduced their price objective on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Truist Financial cut their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Evercore ISI decreased their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. Finally, Piper Sandler dropped their target price on Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Price Performance

The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The company has a market capitalization of $48.46 billion, a price-to-earnings ratio of 13.45 and a beta of 1.57. The stock has a fifty day simple moving average of $49.51 and a 200-day simple moving average of $53.97.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.70%. Occidental Petroleum’s payout ratio is 22.92%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were purchased at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the purchase, the insider now owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

Several institutional investors have recently modified their holdings of the stock. H&H International Investment LLC boosted its stake in shares of Occidental Petroleum by 497.7% in the third 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 acquiring an additional 7,680,598 shares during the last quarter. Himalaya Capital Management LLC acquired a new stake in Occidental Petroleum during the 2nd quarter worth $92,433,000. Anson Funds Management LP grew its holdings in shares of Occidental Petroleum by 3,645.8% during the third quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock worth $39,453,000 after buying an additional 745,050 shares in the last quarter. American Century Companies Inc. raised its position in shares of Occidental Petroleum by 16.8% in the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after buying an additional 532,318 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of 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 worth $710,886,000 after buying an additional 444,850 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.