Occidental Petroleum (NYSE:OXY) Trading Up 0.7% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY) was up 0.7% during mid-day trading on Friday . The company traded as high as $50.77 and last traded at $50.67. Approximately 1,376,457 shares traded hands during trading, a decline of 85% from the average daily volume of 9,348,053 shares. The stock had previously closed at $50.32.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Barclays lowered their target price 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. Evercore ISI dropped their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. Truist Financial reduced their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Mizuho dropped their price target on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, 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 price objective on the stock. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $63.25.

Occidental Petroleum Stock Up 0.5 %

The business’s fifty day simple moving average is $51.64 and its 200 day simple moving average is $56.50. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The stock has a market cap of $47.46 billion, a price-to-earnings ratio of 13.17 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. Investors of record on Tuesday, December 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently modified their holdings of the stock. 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. acquired a new position in shares of Occidental Petroleum in the 3rd quarter valued at $32,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum in the 3rd quarter valued at $50,000. Strategic Financial Concepts LLC bought a new position in Occidental Petroleum during the second quarter worth about $53,000. Finally, LRI Investments LLC grew its stake in Occidental Petroleum by 34.6% in the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock valued at $57,000 after acquiring an additional 233 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.