Occidental Petroleum (NYSE:OXY) Shares Down 2.9% – Time to Sell?

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

Analysts Set New Price Targets

Several equities research analysts have commented on the company. The Goldman Sachs Group lowered Occidental Petroleum from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $54.00 to $45.00 in a research note on Friday. Stephens raised their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Bank of America initiated coverage on Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a research report on Friday, November 8th. Finally, Wolfe Research lifted their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $61.71.

Occidental Petroleum Stock Performance

The stock has a 50-day moving average price of $49.54 and a 200 day moving average price of $52.78. The firm has a market capitalization of $43.97 billion, a price-to-earnings ratio of 12.21 and a beta of 1.57. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.88%. Occidental Petroleum’s payout ratio is 22.92%.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were bought at an average price of $46.25 per share, with a total value of $114,577,992.50. Following the completion of the acquisition, the insider now owns 257,758,886 shares in the company, valued at $11,921,348,477.50. This trade represents a 0.97 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in shares of Occidental Petroleum by 11.5% during the second quarter. AQR Capital Management LLC now owns 80,581 shares of the oil and gas producer’s stock worth $5,077,000 after buying an additional 8,327 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Occidental Petroleum during the 2nd quarter worth $110,000. Heritage Wealth Management Inc. acquired a new stake in shares of Occidental Petroleum in the 2nd quarter worth $418,000. Norman Fields Gottscho Capital Management LLC increased its stake in shares of Occidental Petroleum by 1.3% during the third quarter. Norman Fields Gottscho Capital Management LLC now owns 85,816 shares of the oil and gas producer’s stock worth $4,423,000 after acquiring an additional 1,090 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its holdings in Occidental Petroleum by 87.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 2,754 shares of the oil and gas producer’s stock worth $142,000 after purchasing an additional 1,287 shares in the last quarter. Hedge funds and other institutional investors 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.