Occidental Petroleum (NYSE:OXY) Shares Up 1.9% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY) shot up 1.9% on Tuesday . The company traded as high as $49.57 and last traded at $49.39. 3,144,904 shares changed hands during trading, a decline of 67% from the average session volume of 9,606,700 shares. The stock had previously closed at $48.46.

Analyst Ratings Changes

OXY has been the subject of a number of recent analyst reports. Susquehanna lowered their price objective on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research report on Thursday, November 14th. Truist Financial cut their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Piper Sandler dropped their target price on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Bank of America started coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target for the company. Finally, Wells Fargo & Company cut their price objective on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, December 9th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Stock Up 1.9 %

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 $49.58 and a 200-day simple moving average of $54.46. The stock has a market cap of $46.32 billion, a P/E ratio of 12.85 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given 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 1.78%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were acquired at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the transaction, the insider now owns 264,178,414 shares in the company, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Occidental Petroleum

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in shares of Occidental Petroleum by 3.3% in the 3rd 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 buying an additional 444,850 shares in the last quarter. H&H International Investment LLC lifted its stake in Occidental Petroleum by 497.7% during 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 purchasing an additional 7,680,598 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Occidental Petroleum by 2.5% in 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 purchasing an additional 98,703 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Occidental Petroleum by 16.8% in the 2nd 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 purchasing an additional 532,318 shares during the last quarter. Finally, Swiss National Bank raised 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 buying an additional 5,200 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

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.