Occidental Petroleum (NYSE:OXY) Shares Up 1.5% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded up 1.5% during mid-day trading on Tuesday . The company traded as high as $49.13 and last traded at $49.11. 2,975,379 shares changed hands during trading, a decline of 69% from the average session volume of 9,621,056 shares. The stock had previously closed at $48.38.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Stephens lifted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Raymond James upped their price target on shares of Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Piper Sandler reduced their price target on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Bank of America assumed coverage on Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target on the stock. Finally, Citigroup decreased their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a report on Tuesday, November 26th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $61.71.

Occidental Petroleum Price Performance

The firm’s fifty day moving average price is $49.06 and its 200-day moving average price is $51.93. The stock has a market cap of $45.90 billion, a P/E ratio of 12.75 and a beta of 1.55. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of Occidental Petroleum stock in a transaction on Thursday, December 19th. The stock was acquired at an average price 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in Occidental Petroleum by 3.3% during the third 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 purchasing an additional 444,850 shares during the period. H&H International Investment LLC increased its position in shares of Occidental Petroleum by 497.7% during the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after purchasing an additional 7,680,598 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Occidental Petroleum by 5.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,236,980 shares of the oil and gas producer’s stock worth $209,349,000 after purchasing an additional 229,210 shares during the last quarter. Cooke & Bieler LP boosted its stake in shares of Occidental Petroleum by 14.6% during the fourth quarter. Cooke & Bieler LP now owns 2,958,596 shares of the oil and gas producer’s stock valued at $146,184,000 after purchasing an additional 377,952 shares during the period. Finally, Scharf Investments LLC increased its holdings in Occidental Petroleum by 48.7% during the 4th quarter. Scharf Investments LLC now owns 2,461,033 shares of the oil and gas producer’s stock worth $121,600,000 after purchasing an additional 805,525 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.