Occidental Petroleum (NYSE:OXY) Shares Up 0.4% - Time to Buy?

Occidental Petroleum Co. (NYSE:OXY - Get Free Report)'s stock price was up 0.4% on Friday . The company traded as high as $50.07 and last traded at $50.00. Approximately 2,677,903 shares changed hands during trading, a decline of 62% from the average daily volume of 7,005,771 shares. The stock had previously closed at $49.81.

Analysts Set New Price Targets

Several research analysts have recently issued reports on OXY shares. Scotiabank cut their target price 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. Barclays decreased their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 3rd. Wolfe Research raised their target price on Occidental Petroleum from $73.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Stephens boosted their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group initiated coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a "neutral" rating and a $55.00 target price for the company. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $62.10.

Occidental Petroleum Stock Up 1.4 %

The company has a fifty day moving average of $49.46 and a 200 day moving average of $54.32. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The company has a market cap of $47.40 billion, a P/E ratio of 13.15 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The firm also recently declared 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. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum's payout ratio is currently 22.92%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc bought 3,614,015 shares of the firm's stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average cost of $45.60 per share, with a total value of $164,799,084.00. Following the acquisition, the insider now owns 264,178,414 shares in the company, valued at $12,046,535,678.40. This trade represents a 1.39 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is currently owned by insiders.

Institutional Trading of Occidental Petroleum

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fortitude Family Office LLC raised its position in shares of Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer's stock valued at $25,000 after purchasing an additional 304 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum in the 3rd quarter worth approximately $32,000. Transamerica Financial Advisors Inc. purchased a new position in Occidental Petroleum during the third quarter worth $50,000. Strategic Financial Concepts LLC bought a new position in Occidental Petroleum during the 2nd quarter valued at about $53,000. Finally, Exchange Traded Concepts LLC bought a new position in shares of Occidental Petroleum during the third quarter valued at approximately $87,000. Hedge funds and other 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.