Occidental Petroleum (NYSE:OXY) Stock Price Down 1.1% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY) shares dropped 1.1% during trading on Friday . The stock traded as low as $47.44 and last traded at $47.65. Approximately 2,882,982 shares changed hands during trading, a decline of 69% from the average daily volume of 9,376,023 shares. The stock had previously closed at $48.19.

Wall Street Analyst Weigh In

OXY has been the subject of several recent research reports. Raymond James increased their price target on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Scotiabank cut their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Citigroup reduced their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 26th. TD Cowen decreased their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Finally, Mizuho decreased their price target on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $62.75.

Occidental Petroleum Trading Down 1.0 %

The business has a 50-day moving average of $51.03 and a 200-day moving average of $55.66. The stock has a market cap of $44.77 billion, a price-to-earnings ratio of 12.41 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 declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Fortitude Family Office LLC grew its holdings in 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 valued at $25,000 after purchasing an additional 304 shares during the period. Mizuho Securities Co. Ltd. bought a new position in shares of Occidental Petroleum during the third quarter worth approximately $32,000. LRI Investments LLC lifted its holdings in shares of Occidental Petroleum by 34.6% during the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after buying an additional 233 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new stake in Occidental Petroleum in the 3rd quarter valued at about $50,000. Finally, Exchange Traded Concepts LLC acquired a new position in Occidental Petroleum in the 3rd quarter valued at $87,000. 88.70% of the stock is currently 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.