Occidental Petroleum Co. (NYSE:OXY - Get Free Report)'s share price shot up 2.2% during trading on Tuesday . The stock traded as high as $47.63 and last traded at $47.37. 4,413,374 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 9,761,761 shares. The stock had previously closed at $46.37.
Wall Street Analyst Weigh In
Several research firms recently issued reports on OXY. Citigroup cut their target price on Occidental Petroleum from $57.00 to $56.00 and set a "neutral" rating for the company in a research report on Tuesday, November 26th. Jefferies Financial Group upped their target price on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a "hold" rating in a research report on Tuesday, November 12th. Bank of America began coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They issued a "neutral" rating and a $57.00 price target on the stock. Stephens raised their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Finally, Mizuho decreased their target price on Occidental Petroleum from $72.00 to $70.00 and set a "neutral" rating on the stock in a research report on Monday, December 16th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $61.71.
Read Our Latest Research Report on Occidental Petroleum
Occidental Petroleum Price Performance
The stock's 50-day moving average is $49.10 and its two-hundred day moving average is $52.08. The company has a market capitalization of $43.91 billion, a PE ratio of 12.18 and a beta of 1.55. 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 Transactions at Occidental Petroleum
In related news, major shareholder Berkshire Hathaway Inc purchased 3,614,015 shares of Occidental Petroleum stock in a transaction that occurred on 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 of the company's stock, valued at approximately $12,046,535,678.40. This represents a 1.39 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.31% of the company's stock.
Hedge Funds Weigh In On Occidental Petroleum
A number of hedge funds have recently added to or reduced their stakes in OXY. Geode Capital Management LLC grew its stake in Occidental Petroleum by 3.3% in the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer's stock worth $710,886,000 after purchasing an additional 444,850 shares in the last quarter. H&H International Investment LLC lifted its holdings in shares of Occidental Petroleum by 497.7% in the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer's stock worth $475,389,000 after buying an additional 7,680,598 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Occidental Petroleum by 5.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,236,980 shares of the oil and gas producer's stock worth $209,349,000 after buying an additional 229,210 shares in the last quarter. Cooke & Bieler LP increased its stake in shares of Occidental Petroleum by 14.6% during the fourth quarter. Cooke & Bieler LP now owns 2,958,596 shares of the oil and gas producer's stock valued at $146,184,000 after buying an additional 377,952 shares during the period. Finally, Scharf Investments LLC raised its holdings in shares of Occidental Petroleum by 48.7% in the fourth quarter. Scharf Investments LLC now owns 2,461,033 shares of the oil and gas producer's stock valued at $121,600,000 after acquiring an additional 805,525 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.
About Occidental Petroleum
(
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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.
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