Occidental Petroleum (NYSE:OXY) Stock Price Down 0.2% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY)’s stock price was down 0.2% during mid-day trading on Tuesday . The company traded as low as $50.04 and last traded at $50.34. Approximately 1,652,184 shares were traded during trading, a decline of 82% from the average daily volume of 9,319,778 shares. The stock had previously closed at $50.42.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on OXY shares. Stephens boosted their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. 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. Wells Fargo & Company reduced their target price on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Raymond James upped their target price on Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Finally, Barclays reduced their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and an average price target of $63.25.

Occidental Petroleum Price Performance

The firm has a fifty day moving average price of $51.64 and a two-hundred day moving average price of $56.45. The stock has a market capitalization of $47.36 billion, a P/E ratio of 13.11 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. Occidental Petroleum’s payout ratio is 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the company. Fortitude Family Office LLC increased its stake in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in shares of Occidental Petroleum in the 3rd quarter worth $32,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of Occidental Petroleum in the 3rd quarter worth $50,000. Strategic Financial Concepts LLC purchased a new stake in shares of Occidental Petroleum in the 2nd quarter worth $53,000. Finally, LRI Investments LLC increased its stake in shares of Occidental Petroleum by 34.6% in the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after purchasing an additional 233 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

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.