Occidental Petroleum (NYSE:OXY) Shares Up 0.3% Following Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY) was up 0.3% on Thursday after Stephens raised their price target on the stock from $70.00 to $71.00. Stephens currently has an overweight rating on the stock. Occidental Petroleum traded as high as $52.30 and last traded at $51.25. Approximately 3,991,323 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 9,310,466 shares. The stock had previously closed at $51.12.

OXY has been the subject of several other research reports. TD Cowen lowered their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday. Mizuho decreased their price objective 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. Bank of America assumed coverage on Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target on the stock. BMO Capital Markets lowered their target price on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. Finally, Susquehanna cut their target price on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $63.70.

Institutional Investors Weigh In On Occidental Petroleum

Several large investors have recently bought and sold shares of the business. Fortitude Family Office LLC increased its holdings in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum in the 3rd quarter worth approximately $32,000. New Covenant Trust Company N.A. bought a new position in shares of Occidental Petroleum during the 1st quarter valued at approximately $44,000. LRI Investments LLC purchased a new stake in Occidental Petroleum during the 1st quarter valued at $44,000. Finally, Transamerica Financial Advisors Inc. bought a new stake in Occidental Petroleum in the third quarter worth $50,000. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

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 capitalization of $46.24 billion, a PE ratio of 13.35 and a beta of 1.58. The firm’s 50 day simple moving average is $51.90 and its 200 day simple moving average is $57.67.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.72%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

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.