Occidental Petroleum (NYSE:OXY) Shares Down 0.2% – Here’s Why

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded down 0.2% on Thursday . The company traded as low as $48.70 and last traded at $48.79. 2,866,941 shares changed hands during trading, a decline of 69% from the average session volume of 9,334,063 shares. The stock had previously closed at $48.90.

Analyst Ratings Changes

OXY has been the subject of a number of analyst reports. Truist Financial lowered their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Stephens increased their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Citigroup lowered their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. Raymond James increased their price target on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Evercore ISI lowered their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $63.25.

Occidental Petroleum Price Performance

The business has a fifty day moving average of $51.49 and a 200-day moving average of $56.17. The firm has a market cap of $44.61 billion, a PE ratio of 12.38 and a beta of 1.57. 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 Announces Dividend

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 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 yield of 1.85%. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Institutional Trading of Occidental Petroleum

Institutional investors have recently added to or reduced their stakes in the stock. Retirement Systems of Alabama raised its holdings in shares of Occidental Petroleum by 1.8% in the 3rd quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock valued at $7,699,000 after acquiring an additional 2,700 shares in the last quarter. Inspire Trust Co. N.A. raised its holdings in shares of Occidental Petroleum by 13.2% in the 3rd quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock valued at $2,957,000 after acquiring an additional 6,700 shares in the last quarter. Synovus Financial Corp raised its holdings in shares of 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 valued at $2,602,000 after acquiring an additional 46,740 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Occidental Petroleum by 67.9% in the 3rd quarter. Tidal Investments LLC now owns 80,025 shares of the oil and gas producer’s stock valued at $4,124,000 after acquiring an additional 32,356 shares in the last quarter. Finally, Blankinship & Foster LLC purchased a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $314,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.