Occidental Petroleum (NYSE:OXY) Shares Up 2.6% – Time to Buy?

Occidental Petroleum Co. (NYSE:OXY) shot up 2.6% on Thursday . The stock traded as high as $50.82 and last traded at $50.70. 4,829,176 shares were traded during trading, a decline of 50% from the average session volume of 9,638,160 shares. The stock had previously closed at $49.41.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OXY. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a research note on Friday, November 8th. Stephens boosted their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. BMO Capital Markets lowered their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. Truist Financial reduced their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday, September 30th. Finally, Scotiabank lowered their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Two 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.10.

Occidental Petroleum Trading Up 1.4 %

The business’s fifty day moving average is $49.44 and its two-hundred day moving average is $54.26. 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 market cap of $47.40 billion, a price-to-earnings ratio of 13.15 and a beta of 1.57.

Occidental Petroleum Announces Dividend

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

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were bought at an average price of $46.25 per share, with a total value of $114,577,992.50. Following the completion of the transaction, the insider now directly owns 257,758,886 shares in the company, valued at $11,921,348,477.50. This trade represents a 0.97 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fortitude Family Office LLC grew its stake 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. bought a new stake in Occidental Petroleum during the 3rd quarter worth about $32,000. Transamerica Financial Advisors Inc. bought a new position in shares of Occidental Petroleum in the 3rd quarter valued at about $50,000. Exchange Traded Concepts LLC bought a new stake in Occidental Petroleum during the third quarter worth about $87,000. Finally, Kennebec Savings Bank acquired a new stake in Occidental Petroleum in the third quarter valued at $93,000. Institutional investors and hedge funds 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.