Occidental Petroleum (NYSE:OXY) Shares Down 1.9% - Time to Sell?

Shares of Occidental Petroleum Co. (NYSE:OXY - Get Free Report) traded down 1.9% on Tuesday . The stock traded as low as $45.22 and last traded at $45.58. 5,933,346 shares traded hands during trading, a decline of 46% from the average session volume of 10,942,288 shares. The stock had previously closed at $46.45.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OXY shares. Truist Financial upped their target price on Occidental Petroleum from $56.00 to $58.00 and gave the stock a "hold" rating in a report on Monday, January 13th. Piper Sandler reduced their price target on Occidental Petroleum from $57.00 to $51.00 and set a "neutral" rating on the stock in a research report on Thursday, December 19th. Wells Fargo & Company reissued an "equal weight" rating on shares of Occidental Petroleum in a research report on Friday, February 21st. Citigroup reduced their target price on Occidental Petroleum from $57.00 to $56.00 and set a "neutral" rating on the stock in a report on Tuesday, November 26th. Finally, Wolfe Research increased their price target on Occidental Petroleum from $73.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $61.55.

Occidental Petroleum Stock Performance

The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The business's 50 day moving average is $49.34 and its two-hundred day moving average is $50.82. The company has a market cap of $42.74 billion, a PE ratio of 18.67 and a beta of 1.55.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, topping the consensus estimate of $0.67 by $0.13. The business had revenue of $6.84 billion for the quarter, compared to analysts' expectations of $7.14 billion. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. On average, equities research analysts anticipate that Occidental Petroleum Co. will post 3.58 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Monday, March 10th. This is a boost from Occidental Petroleum's previous quarterly dividend of $0.22. Occidental Petroleum's dividend payout ratio is presently 39.34%.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the business's stock in a transaction dated Friday, February 7th. The shares were purchased at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the purchase, the insider now directly owns 264,941,431 shares of the company's stock, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders bought 6,854,394 shares of company stock valued at $315,101,532 over the last 90 days. Insiders own 0.31% of the company's stock.

Institutional Trading of Occidental Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stephens Inc. AR lifted its stake in shares of Occidental Petroleum by 221.0% in the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer's stock worth $777,000 after buying an additional 10,382 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in shares of Occidental Petroleum by 12.3% during the third quarter. Chicago Partners Investment Group LLC now owns 6,377 shares of the oil and gas producer's stock valued at $327,000 after acquiring an additional 697 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Occidental Petroleum by 15.2% in the third quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer's stock valued at $11,440,000 after purchasing an additional 29,344 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Occidental Petroleum by 1.8% in the third quarter. Harbor Capital Advisors Inc. now owns 22,094 shares of the oil and gas producer's stock valued at $1,139,000 after purchasing an additional 386 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Occidental Petroleum by 124.5% in the third quarter. Van ECK Associates Corp now owns 18,481 shares of the oil and gas producer's stock valued at $948,000 after purchasing an additional 10,248 shares in the last quarter. Institutional investors and hedge funds 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.