Occidental Petroleum (NYSE:OXY) Stock Price Up 2.8% on Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY) was up 2.8% during trading on Monday after Truist Financial raised their price target on the stock from $56.00 to $58.00. Truist Financial currently has a hold rating on the stock. Occidental Petroleum traded as high as $52.75 and last traded at $52.74. Approximately 4,683,965 shares were traded during trading, a decline of 49% from the average daily volume of 9,223,058 shares. The stock had previously closed at $51.30.

A number of other brokerages have also weighed in on OXY. Mizuho cut their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. Scotiabank reduced their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Barclays dropped their price target 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. Citigroup reduced their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $62.19.

Insider Activity at Occidental Petroleum

In other 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 stock was acquired at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the acquisition, the insider now owns 264,178,414 shares in the company, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OXY. Fortitude Family Office LLC increased its position in 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 during the period. Mizuho Securities Co. Ltd. bought a new position in shares of Occidental Petroleum during the third quarter worth approximately $32,000. Transamerica Financial Advisors Inc. acquired a new stake in shares of Occidental Petroleum in the third quarter valued at approximately $50,000. Exchange Traded Concepts LLC bought a new stake in shares of Occidental Petroleum in the third quarter valued at approximately $87,000. Finally, Kennebec Savings Bank acquired a new stake in Occidental Petroleum during the third quarter worth approximately $93,000. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

The stock has a 50 day simple moving average of $49.62 and a 200 day simple moving average of $53.61. The stock has a market cap of $48.90 billion, a P/E ratio of 13.57 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.

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 paid a dividend of $0.22 per share. 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 1.69%. Occidental Petroleum’s payout ratio is 22.92%.

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.