Occidental Petroleum (NYSE:OXY) Stock Price Down 2.7% – Should You Sell?

Occidental Petroleum Co. (NYSE:OXY) shares fell 2.7% during trading on Tuesday . The stock traded as low as $50.31 and last traded at $50.59. 5,044,091 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 9,347,063 shares. The stock had previously closed at $51.97.

Wall Street Analyst Weigh In

A number of research firms have issued reports on OXY. Piper Sandler decreased their price target on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Bank of America initiated coverage on Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price on the stock. Wells Fargo & Company cut their price target on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Mizuho lowered their price objective on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $62.19.

Occidental Petroleum Trading Up 0.2 %

The business has a 50-day moving average price of $49.71 and a two-hundred day moving average price of $53.22. The company has a market cap of $47.20 billion, a P/E ratio of 13.10 and a beta of 1.57. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th were given a dividend of $0.22 per share. The ex-dividend date was Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.75%. Occidental Petroleum’s payout ratio is presently 22.92%.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of the business’s stock in a transaction dated Thursday, December 19th. The shares were bought at an average price 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 in the company, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Segment Wealth Management LLC boosted its position in shares of 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 worth $205,000 after purchasing an additional 196 shares in the last quarter. Wealth Alliance Advisory Group LLC raised its stake in 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 buying an additional 200 shares during the period. Leavell Investment Management Inc. lifted its holdings in Occidental Petroleum by 3.3% during the third quarter. Leavell Investment Management Inc. now owns 6,241 shares of the oil and gas producer’s stock worth $323,000 after acquiring an additional 200 shares in the last quarter. Empire Financial Management Company LLC grew its stake in Occidental Petroleum by 4.1% in the third quarter. Empire Financial Management Company LLC now owns 6,383 shares of the oil and gas producer’s stock valued at $329,000 after acquiring an additional 250 shares during the period. Finally, Park Avenue Securities LLC increased its holdings in shares of Occidental Petroleum by 3.2% in the fourth quarter. Park Avenue Securities LLC now owns 8,058 shares of the oil and gas producer’s stock worth $398,000 after acquiring an additional 250 shares in the last quarter. Institutional investors 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.