Occidental Petroleum (NYSE:OXY) Trading 5.1% Higher After Insider Buying Activity

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) rose 5.1% during mid-day trading on Friday after an insider bought additional shares in the company. The company traded as high as $48.00 and last traded at $47.68. Approximately 9,633,576 shares were traded during mid-day trading, an increase of 1% from the average daily volume of 9,514,071 shares. The stock had previously closed at $45.36.

Specifically, major shareholder Berkshire Hathaway Inc acquired 3,614,015 shares of the firm's stock in a transaction dated Thursday, December 19th. The shares were purchased at an average cost of $45.60 per share, for a total transaction of $164,799,084.00. Following the transaction, the insider now directly 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 purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc purchased 2,477,362 shares of the firm's stock in a transaction on Tuesday, December 17th. The shares were acquired 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 owns 257,758,886 shares of the company's stock, valued at approximately $11,921,348,477.50. This trade represents a 0.97 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Several analysts recently issued reports on OXY shares. JPMorgan Chase & Co. reissued a "neutral" rating and set a $56.00 target price on shares of Occidental Petroleum in a research note on Friday, November 8th. Evercore ISI reduced their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an "underperform" rating on the stock in a research report on Monday, September 30th. StockNews.com lowered shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Wednesday. Stephens boosted their price target on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Finally, BMO Capital Markets reduced their target price on Occidental Petroleum from $70.00 to $65.00 and set a "market perform" rating on the stock in a report on Friday, October 4th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $62.10.

Occidental Petroleum Stock Performance

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 stock has a market capitalization of $44.22 billion, a PE ratio of 12.27 and a beta of 1.57. The business's 50 day moving average is $50.03 and its 200 day moving average is $55.04.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.87%. Occidental Petroleum's dividend payout ratio is 22.92%.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC lifted its position in shares of Occidental Petroleum by 160.0% during the third 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. purchased a new stake in Occidental Petroleum in the 3rd quarter valued at about $32,000. LRI Investments LLC grew its stake in Occidental Petroleum by 34.6% in the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer's stock worth $57,000 after acquiring an additional 233 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum during the third quarter valued at approximately $50,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Occidental Petroleum in the third quarter valued at approximately $87,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Company Profile

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.