Occidental Petroleum (NYSE:OXY) Lowered to Sell Rating by The Goldman Sachs Group

The Goldman Sachs Group downgraded shares of Occidental Petroleum (NYSE:OXY) from a neutral rating to a sell rating in a research report report published on Friday morning, Marketbeat reports. The brokerage currently has $45.00 target price on the oil and gas producer’s stock, down from their previous target price of $54.00.

Other equities analysts have also issued reports about the stock. BMO Capital Markets lowered 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. Truist Financial boosted their target price on Occidental Petroleum from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Piper Sandler cut their price objective on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. UBS Group decreased their target price on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, Susquehanna decreased their price objective on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a report on Thursday, November 14th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $61.71.

Occidental Petroleum Price Performance

OXY opened at $46.65 on Friday. The stock has a fifty day simple moving average of $49.43 and a two-hundred day simple moving average of $52.68. The company has a market cap of $43.78 billion, a price-to-earnings ratio of 12.15 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. Occidental Petroleum has a 12-month low of $45.17 and a 12-month high of $71.18.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is 22.92%.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of Occidental Petroleum stock in a transaction on Tuesday, December 17th. The shares were acquired at an average price of $46.25 per share, with a total value of $114,577,992.50. Following the purchase, the insider now directly owns 257,758,886 shares in the company, valued at $11,921,348,477.50. The trade was a 0.97 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Large investors have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC increased 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 valued at $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new stake in Occidental Petroleum in the third quarter worth about $32,000. Transamerica Financial Advisors Inc. purchased a new position in shares of Occidental Petroleum during the third quarter valued at approximately $50,000. New Wave Wealth Advisors LLC bought a new position in shares of Occidental Petroleum during the fourth quarter valued at approximately $59,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Occidental Petroleum in the fourth quarter worth approximately $68,000. 88.70% of the stock is 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.