Occidental Petroleum (NYSE:OXY) Stock Price Up 2.8% After Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) rose 2.8% during mid-day trading on Monday after Truist Financial raised their price target on the stock from $56.00 to $58.00. Truist Financial currently has a hold rating on the stock. Occidental Petroleum traded as high as $52.75 and last traded at $52.74. Approximately 4,683,965 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 9,223,058 shares. The stock had previously closed at $51.30.

Other research analysts have also issued research reports about the stock. Citigroup cut their price target on Occidental Petroleum from $57.00 to $56.00 and set a "neutral" rating for the company in a research note on Tuesday, November 26th. Jefferies Financial Group upped their price target on Occidental Petroleum from $53.00 to $54.00 and gave the stock a "hold" rating in a report on Tuesday, November 12th. Wolfe Research lifted their target price on Occidental Petroleum from $73.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, November 12th. Susquehanna dropped their price objective on shares of Occidental Petroleum from $77.00 to $65.00 and set a "positive" rating for the company in a research note on Thursday, November 14th. Finally, Piper Sandler cut their target price on 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 investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $62.19.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. FNY Investment Advisers LLC lifted its stake in Occidental Petroleum by 4,791.6% in the fourth quarter. FNY Investment Advisers LLC now owns 4,060 shares of the oil and gas producer's stock worth $200,000 after purchasing an additional 3,977 shares during the last quarter. Moody National Bank Trust Division boosted its holdings in Occidental Petroleum by 4.4% during the 4th quarter. Moody National Bank Trust Division now owns 13,881 shares of the oil and gas producer's stock valued at $686,000 after acquiring an additional 588 shares during the period. CHICAGO TRUST Co NA grew its position in Occidental Petroleum by 21.6% in the 4th quarter. CHICAGO TRUST Co NA now owns 15,859 shares of the oil and gas producer's stock valued at $784,000 after acquiring an additional 2,812 shares during the last quarter. Brookstone Capital Management increased its stake in Occidental Petroleum by 13.3% in the fourth quarter. Brookstone Capital Management now owns 11,630 shares of the oil and gas producer's stock worth $575,000 after purchasing an additional 1,367 shares during the period. Finally, Czech National Bank increased its stake in Occidental Petroleum by 6.8% in the 4th quarter. Czech National Bank now owns 146,485 shares of the oil and gas producer's stock worth $7,238,000 after buying an additional 9,322 shares during the period. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Up 2.8 %

The business's 50-day simple moving average is $49.59 and its 200 day simple moving average is $53.69. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The firm has a market cap of $49.49 billion, a PE ratio of 13.73 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.67%. Occidental Petroleum's payout ratio is 22.92%.

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.