Occidental Petroleum (NYSE:OXY) Shares Up 0.3% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY) traded up 0.3% during trading on Thursday . The company traded as high as $48.16 and last traded at $47.96. 2,442,472 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 9,586,387 shares. The stock had previously closed at $47.83.

Analyst Ratings Changes

Several brokerages have recently issued reports on OXY. StockNews.com cut Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Thursday, February 6th. The Goldman Sachs Group cut Occidental Petroleum from a “neutral” rating to a “sell” rating and dropped their target price for the company from $54.00 to $45.00 in a report on Friday, January 31st. Wells Fargo & Company lowered their price target on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, December 9th. Wolfe Research raised their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, Citigroup dropped their price target on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $61.71.

Occidental Petroleum Stock Performance

The stock’s 50-day moving average is $49.01 and its 200-day moving average is $51.82. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The stock has a market cap of $45.02 billion, a price-to-earnings ratio of 12.49 and a beta of 1.55.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc bought 763,017 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was purchased at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the acquisition, the insider now owns 264,941,431 shares in the company, valued at $12,404,557,799.42. This trade represents a 0.29 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired a total of 6,854,394 shares of company stock valued at $315,101,532 over the last quarter. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently made changes to their positions in OXY. Fortitude Family Office LLC raised its holdings in Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares during the period. Whipplewood Advisors LLC purchased a new stake in Occidental Petroleum during the 4th quarter worth approximately $27,000. VSM Wealth Advisory LLC purchased a new stake in Occidental Petroleum during the 4th quarter worth approximately $27,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum in the 3rd quarter valued at approximately $32,000. Finally, Atala Financial Inc bought a new stake in shares of Occidental Petroleum in the 4th quarter valued at approximately $40,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.