Occidental Petroleum (NYSE:OXY) Stock Price Down 1.1% – Should You Sell?

Occidental Petroleum Co. (NYSE:OXY) shares were down 1.1% during mid-day trading on Friday . The stock traded as low as $47.44 and last traded at $47.65. Approximately 2,882,982 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 9,376,023 shares. The stock had previously closed at $48.19.

Analysts Set New Price Targets

A number of research analysts have issued reports on OXY shares. Stephens lifted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Jefferies Financial Group lifted their price objective on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. The Goldman Sachs Group started coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price on the stock. Wolfe Research lifted their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Tuesday. 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 issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.75.

Occidental Petroleum Stock Performance

The stock has a market capitalization of $44.77 billion, a PE ratio of 12.41 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. The firm’s fifty day moving average price is $51.03 and its two-hundred day moving average price is $55.66.

Occidental Petroleum Dividend Announcement

The company 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 $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OXY. H&H International Investment LLC increased its position in shares of Occidental Petroleum by 497.7% during the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after acquiring an additional 7,680,598 shares during the period. Himalaya Capital Management LLC acquired a new position in Occidental Petroleum during the 2nd quarter worth approximately $92,433,000. Sarasin & Partners LLP acquired a new stake in shares of Occidental Petroleum during the 2nd quarter worth about $63,880,000. Anson Funds Management LP raised its holdings in Occidental Petroleum by 3,645.8% during the third quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock worth $39,453,000 after purchasing an additional 745,050 shares in the last quarter. Finally, Scharf Investments LLC purchased a new position in shares of Occidental Petroleum during the second quarter worth about $42,744,000. 88.70% of the stock is currently owned by hedge funds and other 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.