Occidental Petroleum (NYSE:OXY) Trading Up 0.9% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY) rose 0.9% on Thursday . The company traded as high as $50.69 and last traded at $50.32. Approximately 6,828,027 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 9,383,212 shares. The stock had previously closed at $49.85.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OXY. Mizuho cut their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Wolfe Research raised their price target on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Jefferies Financial Group boosted their price target on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Bank of America started coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. Finally, BMO Capital Markets decreased their target price on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research report on Friday, October 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $63.25.

Occidental Petroleum Price Performance

The stock has a market cap of $47.22 billion, a price-to-earnings ratio of 13.10 and a beta of 1.58. The stock has a fifty day simple moving average of $51.70 and a 200-day simple moving average of $56.67. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 22.92%.

Institutional Trading of Occidental Petroleum

A number of hedge funds have recently bought and sold shares of OXY. Stephens Inc. AR raised its position in shares of Occidental Petroleum by 221.0% during the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock valued at $777,000 after buying an additional 10,382 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Occidental Petroleum by 1.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,482,049 shares of the oil and gas producer’s stock valued at $76,385,000 after acquiring an additional 22,920 shares in the last quarter. Czech National Bank lifted its position in shares of Occidental Petroleum by 8.3% in the 3rd quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after acquiring an additional 10,456 shares during the period. Discovery Capital Management LLC CT acquired a new stake in shares of Occidental Petroleum during the 2nd quarter worth approximately $10,331,000. Finally, Janney Montgomery Scott LLC increased its position in shares of Occidental Petroleum by 15.2% during the third quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer’s stock valued at $11,440,000 after purchasing an additional 29,344 shares during the period. 88.70% of the stock is 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.