Occidental Petroleum (NYSE:OXY) Trading 0.5% Higher – Here’s Why

Occidental Petroleum Co. (NYSE:OXY)’s stock price was up 0.5% during mid-day trading on Wednesday . The company traded as high as $46.95 and last traded at $46.79. Approximately 2,457,780 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 9,427,367 shares. The stock had previously closed at $46.56.

Analysts Set New Price Targets

Several equities analysts recently weighed in on OXY shares. StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research report on Wednesday. Scotiabank reduced their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. The Goldman Sachs Group began coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 target price on the stock. Wolfe Research lifted their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Evercore ISI dropped their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $62.65.

Occidental Petroleum Trading Up 0.5 %

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The stock’s fifty day moving average is $50.53 and its 200 day moving average is $55.26. The stock has a market cap of $43.91 billion, a P/E ratio of 12.18 and a beta of 1.57.

Occidental Petroleum Announces Dividend

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

Institutional Trading of Occidental Petroleum

Institutional investors have recently bought and sold shares of the stock. Rule One Partners LLC purchased a new stake in Occidental Petroleum in the third quarter valued at $14,199,000. Stephens Inc. AR boosted its stake in shares of Occidental Petroleum by 221.0% in the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock worth $777,000 after buying an additional 10,382 shares during the last quarter. Weiss Asset Management LP acquired a new stake in Occidental Petroleum during the third quarter worth about $2,509,000. Cerity Partners LLC lifted its holdings in Occidental Petroleum by 27.7% in the third quarter. Cerity Partners LLC now owns 70,580 shares of the oil and gas producer’s stock valued at $3,638,000 after acquiring an additional 15,316 shares during the period. Finally, Synovus Financial Corp boosted its position in Occidental Petroleum by 1,247.7% in the 3rd quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock worth $2,602,000 after purchasing an additional 46,740 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.