The Goldman Sachs Group Downgrades Occidental Petroleum (NYSE:OXY) to Sell

Occidental Petroleum (NYSE:OXY - Get Free Report) was downgraded by equities researchers at The Goldman Sachs Group from a "neutral" rating to a "sell" rating in a research note issued on Friday, Marketbeat reports. They currently have a $45.00 target price on the oil and gas producer's stock, down from their previous target price of $54.00. The Goldman Sachs Group's price target suggests a potential downside of 3.54% from the stock's current price.

A number of other research analysts also recently weighed in on the company. Jefferies Financial Group lifted their price target on Occidental Petroleum from $53.00 to $54.00 and gave the company a "hold" rating in a report on Tuesday, November 12th. StockNews.com upgraded Occidental Petroleum from a "sell" rating to a "hold" rating in a report on Tuesday. Wolfe Research boosted their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $56.00 price objective on shares of Occidental Petroleum in a research note on Friday, November 8th. Finally, Scotiabank lowered their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a "sector outperform" rating on the stock in a report on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $61.71.

Occidental Petroleum Trading Down 4.6 %

Occidental Petroleum stock traded down $2.27 during midday trading on Friday, reaching $46.65. The stock had a trading volume of 18,077,485 shares, compared to its average volume of 9,885,663. Occidental Petroleum has a twelve month low of $45.17 and a twelve month high of $71.18. 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 firm has a market cap of $43.78 billion, a price-to-earnings ratio of 12.15 and a beta of 1.57. The firm's fifty day simple moving average is $49.54 and its two-hundred day simple moving average is $52.78.

Insiders Place Their Bets

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the business's stock in a transaction dated Tuesday, December 17th. The stock was bought at an average cost of $46.25 per share, for a total transaction of $114,577,992.50. Following the completion of the acquisition, the insider now directly owns 257,758,886 shares in the company, valued at $11,921,348,477.50. This represents a 0.97 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.31% of the company's stock.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fortitude Family Office LLC grew its position in Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer's stock worth $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new position in Occidental Petroleum during the third quarter valued at about $32,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth approximately $50,000. New Wave Wealth Advisors LLC acquired a new stake in shares of Occidental Petroleum during the 4th quarter worth approximately $59,000. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in shares of Occidental Petroleum during the fourth quarter valued at approximately $68,000. 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.