Traders Buy Large Volume of Call Options on Occidental Petroleum (NYSE:OXY)

Occidental Petroleum Co. (NYSE:OXY) was the target of some unusual options trading activity on Wednesday. Stock traders bought 214,235 call options on the stock. This is an increase of approximately 144% compared to the average daily volume of 87,773 call options.

Wall Street Analyst Weigh In

OXY has been the topic of several research reports. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. Bank of America initiated coverage on Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. Barclays cut their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. TD Cowen decreased their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Mizuho dropped their price objective on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $64.30.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC raised its stake in shares of Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in shares of Occidental Petroleum in the 3rd quarter worth $32,000. New Covenant Trust Company N.A. bought a new position in shares of Occidental Petroleum during the 1st quarter worth $44,000. LRI Investments LLC purchased a new position in shares of Occidental Petroleum during the first quarter valued at $44,000. Finally, Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum in the third quarter valued at about $50,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $51.12 on Thursday. Occidental Petroleum has a 52 week low of $48.42 and a 52 week high of $71.18. The company has a market capitalization of $46.30 billion, a PE ratio of 13.31 and a beta of 1.58. The stock’s fifty day moving average is $51.97 and its two-hundred day moving average is $57.72. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77.

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 1.72%. Occidental Petroleum’s payout ratio is 22.92%.

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.