Occidental Petroleum (NYSE:OXY) Trading Up 0.2% – Still a Buy?

Shares of Occidental Petroleum Co. (NYSE:OXY) rose 0.2% during mid-day trading on Wednesday . The company traded as high as $50.55 and last traded at $50.63. Approximately 3,307,060 shares traded hands during trading, a decline of 65% from the average daily volume of 9,564,789 shares. The stock had previously closed at $50.55.

Analyst Upgrades and Downgrades

Several brokerages have commented on OXY. Stephens lifted their price target on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Barclays decreased their price objective on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Wells Fargo & Company cut their price target on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. The Goldman Sachs Group started coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target for the company. Finally, TD Cowen decreased their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $62.19.

Occidental Petroleum Stock Performance

The stock has a market capitalization of $47.48 billion, a P/E ratio of 13.17 and a beta of 1.57. The stock has a 50 day simple moving average of $49.73 and a two-hundred day simple moving average of $53.25. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.74%. The ex-dividend date was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 22.92%.

Insider Activity

In related 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 bought 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 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 acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC boosted its position in shares of Occidental Petroleum by 160.0% during the 3rd 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 in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $32,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum during the third quarter valued at approximately $50,000. Westside Investment Management Inc. lifted its position in shares of Occidental Petroleum by 224.0% during the fourth quarter. Westside Investment Management Inc. now owns 1,555 shares of the oil and gas producer’s stock valued at $77,000 after purchasing an additional 1,075 shares in the last quarter. Finally, Exchange Traded Concepts LLC bought a new position in shares of Occidental Petroleum during the 3rd quarter worth approximately $87,000. Institutional investors own 88.70% of the company’s stock.

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.