Occidental Petroleum (NYSE:OXY) Shares Up 2.8% After Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY)’s share price rose 2.8% during trading on Monday after Truist Financial raised their price target on the stock from $56.00 to $58.00. Truist Financial currently has a hold rating on the stock. Occidental Petroleum traded as high as $52.75 and last traded at $52.74. Approximately 4,683,965 shares traded hands during trading, a decline of 49% from the average daily volume of 9,223,058 shares. The stock had previously closed at $51.30.

OXY has been the topic of several other research reports. Jefferies Financial Group raised their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a research note on Friday, November 8th. UBS Group lowered their price target on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. Finally, Citigroup dropped their price target on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and an average price target of $62.19.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the business’s stock in a transaction dated Thursday, December 19th. The stock was bought at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the purchase, the insider now directly owns 264,178,414 shares of the company’s stock, valued at approximately $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Occidental Petroleum

Several large investors have recently added to or reduced their stakes in OXY. Acadian Asset Management LLC acquired a new stake in shares of Occidental Petroleum in the second quarter worth about $1,563,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Occidental Petroleum by 20.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 138,748 shares of the oil and gas producer’s stock worth $8,782,000 after buying an additional 23,904 shares during the last quarter. Meeder Advisory Services Inc. grew its stake in Occidental Petroleum by 29.8% in the 2nd quarter. Meeder Advisory Services Inc. now owns 11,034 shares of the oil and gas producer’s stock valued at $695,000 after buying an additional 2,531 shares during the last quarter. Thoroughbred Financial Services LLC raised its holdings in Occidental Petroleum by 38.2% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 5,314 shares of the oil and gas producer’s stock worth $334,000 after acquiring an additional 1,468 shares during the period. Finally, Wealthspire Advisors LLC lifted its position in Occidental Petroleum by 7.1% during the 2nd quarter. Wealthspire Advisors LLC now owns 9,637 shares of the oil and gas producer’s stock worth $607,000 after acquiring an additional 637 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Trading Up 3.3 %

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 company has a 50-day moving average price of $49.54 and a 200-day moving average price of $53.76. The company has a market capitalization of $49.70 billion, a price-to-earnings ratio of 13.79 and a beta of 1.57.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

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.