Occidental Petroleum (NYSE:OXY) Stock Price Down 0.8% – Time to Sell?

Shares of Occidental Petroleum Co. (NYSE:OXY) fell 0.8% on Thursday . The stock traded as low as $50.60 and last traded at $51.16. 7,451,603 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 9,978,206 shares. The stock had previously closed at $51.55.

Analyst Ratings Changes

OXY has been the topic of several research reports. Truist Financial cut their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Raymond James raised their target price on shares of Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. UBS Group lowered their price target on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. BMO Capital Markets reduced their price objective on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research note on Friday, October 4th. Finally, Piper Sandler dropped their target price on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, fourteen 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 company presently has a consensus rating of “Hold” and an average price target of $62.10.

Occidental Petroleum Stock Down 0.8 %

The firm has a market capitalization of $48.01 billion, a P/E ratio of 13.32 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The firm’s 50-day moving average is $49.49 and its 200 day moving average is $53.99.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.72%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Insider Activity at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc bought 2,477,362 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 257,758,886 shares in the company, valued at $11,921,348,477.50. The trade was a 0.97 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its position in Occidental Petroleum by 24.1% during the second quarter. Victory Capital Management Inc. now owns 385,387 shares of the oil and gas producer’s stock worth $24,291,000 after acquiring an additional 74,750 shares in the last quarter. Savant Capital LLC lifted its stake in Occidental Petroleum by 15.2% in the 2nd quarter. Savant Capital LLC now owns 17,375 shares of the oil and gas producer’s stock valued at $1,095,000 after purchasing an additional 2,287 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in Occidental Petroleum during the second quarter worth about $53,000. Acadian Asset Management LLC bought a new stake in Occidental Petroleum in the second quarter valued at approximately $1,563,000. Finally, Dorsey & Whitney Trust CO LLC lifted its position in shares of Occidental Petroleum by 16.8% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 5,457 shares of the oil and gas producer’s stock valued at $344,000 after buying an additional 783 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.