Occidental Petroleum (NYSE:OXY) Trading Up 0.6% – Should You Buy?

Occidental Petroleum Co. (NYSE:OXY)’s share price rose 0.6% during trading on Monday . The stock traded as high as $51.05 and last traded at $50.84. Approximately 2,852,035 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 9,217,561 shares. The stock had previously closed at $50.53.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OXY. Stephens upped their price target on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday. Mizuho lowered their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Barclays cut their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Truist Financial cut their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Finally, Scotiabank lowered their target price on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $64.30.

Occidental Petroleum Stock Up 1.7 %

The stock has a 50-day moving average of $51.97 and a 200-day moving average of $57.72. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The company has a market cap of $46.30 billion, a PE ratio of 12.88 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

A number of large investors have recently modified their holdings of the company. Fortitude Family Office LLC raised its stake in shares of 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 worth $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in Occidental Petroleum during the third quarter valued at about $32,000. New Covenant Trust Company N.A. bought a new position in shares of Occidental Petroleum during the first quarter valued at about $44,000. LRI Investments LLC purchased a new position in shares of Occidental Petroleum in the first quarter worth about $44,000. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter valued at about $53,000. 88.70% of the stock is owned by hedge funds and other 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.