Occidental Petroleum (NYSE:OXY) Shares Down 2.9% – Should You Sell?

Occidental Petroleum Co. (NYSE:OXY) shares were down 2.9% on Friday . The company traded as low as $46.91 and last traded at $47.53. Approximately 6,925,544 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 9,275,156 shares. The stock had previously closed at $48.92.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OXY shares. Wolfe Research lifted their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Scotiabank decreased their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Bank of America assumed coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price for the company. Wells Fargo & Company dropped their price objective on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Monday, December 9th. Finally, Jefferies Financial Group increased their target price on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $61.71.

Occidental Petroleum Trading Down 4.2 %

The firm’s 50 day simple moving average is $49.54 and its 200-day simple moving average is $52.78. 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 capitalization of $43.97 billion, a PE ratio of 12.21 and a beta of 1.57.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.88%. The ex-dividend date was Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of Occidental Petroleum stock in a transaction on Tuesday, December 17th. The shares were purchased at an average cost of $46.25 per share, for a total transaction of $114,577,992.50. Following the purchase, the insider now directly owns 257,758,886 shares of the company’s stock, valued at $11,921,348,477.50. The trade was a 0.97 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Institutional Trading of Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the company. Certified Advisory Corp bought a new stake in Occidental Petroleum during the fourth quarter valued at $476,000. Rule One Partners LLC acquired a new position in Occidental Petroleum during the 3rd quarter worth $14,199,000. Stephens Inc. AR raised its position in shares of Occidental Petroleum by 221.0% during the 3rd 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. Sarasin & Partners LLP grew its stake in shares of Occidental Petroleum by 5.4% in the 4th quarter. Sarasin & Partners LLP now owns 990,521 shares of the oil and gas producer’s stock worth $48,942,000 after purchasing an additional 50,983 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in Occidental Petroleum during the third quarter valued at approximately $2,509,000. 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.