Occidental Petroleum (NYSE:OXY) Shares Down 0.2% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY) was down 0.2% during mid-day trading on Wednesday . The stock traded as low as $48.22 and last traded at $48.51. 2,508,042 shares were traded during trading, a decline of 74% from the average daily volume of 9,561,942 shares. The stock had previously closed at $48.61.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Citigroup decreased their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. Jefferies Financial Group upped their price objective on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Raymond James lifted their target price on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. TD Cowen reduced their price objective on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Finally, Piper Sandler decreased 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 report on Thursday, December 19th. 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, the company has a consensus rating of “Hold” and a consensus price target of $61.71.

Occidental Petroleum Price Performance

The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The company has a fifty day moving average price of $49.03 and a two-hundred day moving average price of $51.85. The company has a market cap of $44.91 billion, a price-to-earnings ratio of 12.46 and a beta of 1.55.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the stock in a transaction on Thursday, December 19th. The stock was bought at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the completion of the acquisition, the insider now directly owns 264,178,414 shares of the company’s stock, valued at $12,046,535,678.40. The trade was a 1.39 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders purchased 6,854,394 shares of company stock worth $315,101,532. 0.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fortitude Family Office LLC boosted its position in 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 valued at $25,000 after purchasing an additional 304 shares during the last quarter. VSM Wealth Advisory LLC bought a new stake in Occidental Petroleum in the 4th quarter valued at $27,000. Whipplewood Advisors LLC acquired a new stake in Occidental Petroleum during the 4th quarter valued at $27,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Occidental Petroleum in the third quarter valued at $32,000. Finally, Atala Financial Inc bought a new position in shares of Occidental Petroleum in the fourth quarter valued at about $40,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.