Occidental Petroleum (NYSE:OXY) Stock Price Down 0.4% Following Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price fell 0.4% during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $57.00 to $51.00. Piper Sandler currently has a neutral rating on the stock. Occidental Petroleum traded as low as $45.81 and last traded at $45.83. 3,738,959 shares changed hands during trading, a decline of 60% from the average session volume of 9,459,933 shares. The stock had previously closed at $46.02.

Other analysts also recently issued research reports about the company. Susquehanna dropped their price target on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research report on Thursday, November 14th. UBS Group cut their price target 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. TD Cowen decreased 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 lifted 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. Finally, Barclays reduced their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $62.10.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the stock in a transaction dated Thursday, December 19th. The stock was bought at an average price of $45.60 per share, for a total transaction of $164,799,084.00. Following the purchase, the insider now directly owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fortitude Family Office LLC lifted its holdings 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 valued at $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new stake in Occidental Petroleum in the third quarter worth $32,000. LRI Investments LLC grew its stake in shares of Occidental Petroleum by 34.6% in the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after acquiring an additional 233 shares during the last quarter. Transamerica Financial Advisors Inc. bought a new position in shares of Occidental Petroleum during the third quarter valued at $50,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Occidental Petroleum in the 3rd quarter worth about $87,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Up 3.9 %

The company has a market cap of $44.22 billion, a P/E ratio of 12.27 and a beta of 1.57. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The stock’s 50 day moving average is $50.03 and its 200-day moving average is $55.04.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 22.92%.

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.