Occidental Petroleum (NYSE:OXY) Shares Down 1% – Should You Sell?

Occidental Petroleum Co. (NYSE:OXY) fell 1% during trading on Wednesday . The stock traded as low as $46.97 and last traded at $47.13. 2,281,493 shares changed hands during trading, a decline of 77% from the average session volume of 9,752,412 shares. The stock had previously closed at $47.59.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on OXY shares. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a research report on Friday, November 8th. Truist Financial lifted their price objective on shares of Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, January 13th. TD Cowen decreased their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Wolfe Research boosted their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Two equities 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 given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $61.71.

Occidental Petroleum Price Performance

The stock has a market capitalization of $44.41 billion, a P/E ratio of 12.32 and a beta of 1.55. The company’s 50-day simple moving average is $49.31 and its 200-day simple moving average is $52.31. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the stock in a transaction dated Thursday, December 19th. The stock was bought at an average price of $45.60 per share, with a total value of $164,799,084.00. Following the completion of the purchase, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. This represents a 1.39 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fortitude Family Office LLC increased its position in shares of 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 during the period. Whipplewood Advisors LLC bought a new position in shares of Occidental Petroleum during the 4th quarter worth approximately $27,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Occidental Petroleum during the 3rd quarter worth approximately $32,000. Transamerica Financial Advisors Inc. bought a new position in shares of Occidental Petroleum during the 3rd quarter worth about $50,000. Finally, Deseret Mutual Benefit Administrators raised its position in shares of Occidental Petroleum by 27.1% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,164 shares of the oil and gas producer’s stock worth $58,000 after purchasing an additional 248 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.