Occidental Petroleum (NYSE:OXY) Stock Price Up 0.8% – Time to Buy?

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. TD Cowen cut their price objective on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. BMO Capital Markets dropped their target price on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a report on Friday, November 8th. Wells Fargo & Company reduced their price objective on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. Finally, Mizuho reduced their price objective on Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $62.10.

Check Out Our Latest Stock Analysis on Occidental Petroleum

Occidental Petroleum Stock Up 0.3 %

The company has a market cap of $48.18 billion, a P/E ratio of 13.37 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 has a 50-day simple moving average of $49.54 and a 200 day simple moving average of $53.82.

Occidental Petroleum Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is currently 22.92%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were acquired at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the purchase, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fortitude Family Office LLC lifted 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 buying an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum during the 3rd quarter worth $32,000. Transamerica Financial Advisors Inc. acquired a new position in shares of Occidental Petroleum during the 3rd quarter valued at about $50,000. Exchange Traded Concepts LLC purchased a new stake in shares of Occidental Petroleum in the third quarter valued at about $87,000. Finally, Kennebec Savings Bank acquired a new stake in Occidental Petroleum during the third quarter worth about $93,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

About Occidental Petroleum

(Get Free Report)

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.

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