The Attractiveness of Investing In Occidental Petroleum Corp. (OXY) is Growing

Occidental Petroleum Corp.’s filing revealed that its 10% Owner BERKSHIRE HATHAWAY INC acquired Company’s shares for reported $105.05 million on Dec 21. In the deal valued at $60.26 per share,1,743,124 shares were bought. As a result of this transaction, BERKSHIRE HATHAWAY INC now holds 243,715,804 shares worth roughly $14.35 billion.

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Then, BERKSHIRE HATHAWAY INC bought 1,812,508 shares, generating $109,663,984 in total proceeds. Upon buying the shares at $60.50, the 10% Owner now owns 241,972,680 shares.

Before that, BERKSHIRE HATHAWAY INC bought 1,626,983 shares. Occidental Petroleum Corp. shares valued at $97,382,842 were divested by the 10% Owner at a price of $59.85 per share. As a result of the transaction, BERKSHIRE HATHAWAY INC now holds 240,160,172 shares, worth roughly $14.15 billion.

Mizuho downgraded its Occidental Petroleum Corp. [OXY] rating to a Neutral from a a Buy in a research note published recently.

Price Performance Review of OXY

On Tuesday, Occidental Petroleum Corp. [NYSE:OXY] saw its stock jump 1.17% to $58.90. Over the last five days, the stock has gained 3.83%. Occidental Petroleum Corp. shares have fallen nearly -1.36% since the year began. Nevertheless, the stocks have fallen -11.48% over the past one year. While a 52-week high of $67.67 was reached on 01/04/24, a 52-week low of $55.12 was recorded on 01/18/24. SMA at 50 days reached $58.65, while 200 days put it at $60.84. A total of 8.26 million shares were traded, compared to the trading of 7.18 million shares in the previous session.

Levels Of Support And Resistance For OXY Stock

The 24-hour chart illustrates a support level at 58.10, which if violated will result in even more drops to 57.31. On the upside, there is a resistance level at 59.34. A further resistance level may holdings at 59.79. The Relative Strength Index (RSI) on the 14-day chart is 55.37, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.22, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 2.60%. Stochastics %K at 92.06% indicates the stock is a selling.

How much short interest is there in Occidental Petroleum Corp.?

A steep rise in short interest was recorded in Occidental Petroleum Corp. stocks on Jan 11, 2024, dropping by -0.19 million shares to a total of 50.12 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2023 was 50.31 million shares. There was a decline of -0.38%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 10.34% of the overall stock float, the days-to-cover ratio (short ratio) fell to 4.62.

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