Occidental Petroleum (NYSE:OXY) Stock Price Down 1% – Time to Sell?

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

Analyst Ratings Changes

Several equities analysts recently commented on OXY shares. TD Cowen dropped their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Truist Financial raised their price target on shares of Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a report on Monday, January 13th. StockNews.com downgraded shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Thursday. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 price objective on shares of Occidental Petroleum in a research report on Friday, November 8th. Finally, Bank of America initiated coverage on Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $61.71.

Occidental Petroleum Stock Performance

The company has a market cap of $43.90 billion, a P/E ratio of 12.18 and a beta of 1.55. The business’s 50 day simple moving average is $49.18 and its 200 day simple moving average is $52.23. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc bought 2,477,362 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average price of $46.25 per share, for a total transaction of $114,577,992.50. Following the completion of the transaction, the insider now owns 257,758,886 shares of the company’s stock, valued at $11,921,348,477.50. This trade represents a 0.97 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently added to or reduced their stakes in OXY. Segment Wealth Management LLC boosted its stake in Occidental Petroleum by 5.2% during the third quarter. Segment Wealth Management LLC now owns 3,973 shares of the oil and gas producer’s stock valued at $205,000 after buying an additional 196 shares during the last quarter. Wealth Alliance Advisory Group LLC raised its holdings in shares of Occidental Petroleum by 2.2% during the 3rd quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer’s stock worth $474,000 after acquiring an additional 200 shares in the last quarter. Leavell Investment Management Inc. boosted its position in shares of Occidental Petroleum by 3.3% during the 3rd quarter. Leavell Investment Management Inc. now owns 6,241 shares of the oil and gas producer’s stock valued at $323,000 after acquiring an additional 200 shares during the last quarter. Howard Capital Management Inc. increased its position in Occidental Petroleum by 5.4% in the fourth quarter. Howard Capital Management Inc. now owns 4,234 shares of the oil and gas producer’s stock worth $209,000 after purchasing an additional 216 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators raised its stake in 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 valued at $58,000 after purchasing an additional 248 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.