Occidental Petroleum (NYSE:OXY) Shares Down 1.2%

Occidental Petroleum Co. (NYSE:OXY)’s stock price was down 1.2% on Wednesday . The company traded as low as $63.74 and last traded at $64.31. Approximately 2,932,024 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 8,405,708 shares. The stock had previously closed at $65.07.

Wall Street Analyst Weigh In

OXY has been the subject of a number of analyst reports. Stephens reissued an “overweight” rating and set a $74.00 price objective on shares of Occidental Petroleum in a report on Thursday, February 15th. Truist Financial upped their price objective on shares of Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Scotiabank upgraded shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $63.00 to $90.00 in a research note on Thursday, April 11th. Barclays assumed coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price target on the stock. Finally, Raymond James reduced their price objective on Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Nine investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $72.00.

Occidental Petroleum Trading Down 2.1 %

The business’s 50 day simple moving average is $64.98 and its 200-day simple moving average is $61.34. The stock has a market capitalization of $56.45 billion, a P/E ratio of 16.29 and a beta of 1.64. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.70 billion. During the same period in the previous year, the firm earned $1.09 earnings per share. The firm’s quarterly revenue was down 17.2% compared to the same quarter last year. As a group, analysts forecast that Occidental Petroleum Co. will post 3.81 EPS for the current year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Friday, June 7th. Occidental Petroleum’s payout ratio is 22.51%.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently bought and sold shares of the company. Investment Research & Advisory Group Inc. raised its stake in Occidental Petroleum by 75.2% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 167 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Occidental Petroleum during the 3rd quarter valued at about $26,000. Orion Capital Management LLC acquired a new position in shares of Occidental Petroleum in the 3rd quarter valued at approximately $27,000. TLW Wealth Management LLC bought a new stake in Occidental Petroleum during the 4th quarter worth approximately $28,000. Finally, Grove Bank & Trust raised its holdings in Occidental Petroleum by 86.0% during the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 240 shares during the period. 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.