Occidental Petroleum (NYSE:OXY) Trading Up 1.5% – What’s Next?

Shares of Occidental Petroleum Co. (NYSE:OXY) rose 1.5% during mid-day trading on Monday . The stock traded as high as $51.85 and last traded at $51.26. Approximately 4,194,179 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 8,655,966 shares. The stock had previously closed at $50.51.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Evercore ISI decreased their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Mizuho cut their target price on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. The Goldman Sachs Group began coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 target price on the stock. Stephens boosted their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company reduced their price target on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. One equities research 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 stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Stock Up 0.5 %

The stock has a market capitalization of $47.62 billion, a PE ratio of 13.22 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 company’s 50-day moving average is $49.44 and its 200 day moving average is $54.16.

Occidental Petroleum Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 1.73%. Occidental Petroleum’s payout ratio is presently 22.92%.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the transaction, the insider now directly owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently modified their holdings of OXY. Principal Financial Group Inc. raised its position in Occidental Petroleum by 7.1% during the third quarter. Principal Financial Group Inc. now owns 773,762 shares of the oil and gas producer’s stock valued at $39,880,000 after acquiring an additional 51,042 shares in the last quarter. Alternative Investment Advisors LLC. purchased a new position in shares of Occidental Petroleum during the 3rd quarter valued at approximately $1,002,000. Retirement Systems of Alabama lifted its stake in shares of Occidental Petroleum by 1.8% in the 3rd quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock valued at $7,699,000 after purchasing an additional 2,700 shares during the period. Inspire Trust Co. N.A. boosted its holdings in Occidental Petroleum by 13.2% during the third quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock worth $2,957,000 after buying an additional 6,700 shares in the last quarter. Finally, Synovus Financial Corp grew its position in Occidental Petroleum by 1,247.7% during the third quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after buying an additional 46,740 shares during the period. Hedge funds and other 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.