Occidental Petroleum (NYSE:OXY) Shares Up 0.6% – Time to Buy?

Occidental Petroleum Co. (NYSE:OXY) rose 0.6% during mid-day trading on Monday . The stock traded as high as $51.05 and last traded at $50.84. Approximately 2,852,035 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 9,217,561 shares. The stock had previously closed at $50.53.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on OXY shares. Susquehanna dropped their price objective on Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a report on Friday, October 18th. TD Cowen dropped their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday. Bank of America began coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target on the stock. Evercore ISI cut their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Finally, Scotiabank decreased their target price on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus target price of $64.30.

Occidental Petroleum Trading Up 1.7 %

The stock has a fifty day simple moving average of $51.97 and a 200 day simple moving average of $57.72. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The firm has a market cap of $46.30 billion, a P/E ratio of 12.88 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

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

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently added to or reduced their stakes in OXY. Charles Schwab Investment Management Inc. increased its position in Occidental Petroleum by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock valued at $206,560,000 after acquiring an additional 98,703 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after purchasing an additional 532,318 shares during the period. Swiss National Bank grew its position in Occidental Petroleum by 0.3% during the third quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock valued at $101,720,000 after buying an additional 5,200 shares during the period. Epoch Investment Partners Inc. increased its holdings in Occidental Petroleum by 20.1% during the second quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock valued at $104,707,000 after buying an additional 277,462 shares during the last quarter. Finally, National Pension Service raised its position in Occidental Petroleum by 9.4% in the third quarter. National Pension Service now owns 1,556,461 shares of the oil and gas producer’s stock worth $80,220,000 after acquiring an additional 133,546 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.