Occidental Petroleum (NYSE:OXY) Stock Price Down 1.3% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY) shares dropped 1.3% on Monday . The stock traded as low as $51.14 and last traded at $51.27. Approximately 2,765,004 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 9,333,258 shares. The stock had previously closed at $51.93.

Analysts Set New Price Targets

OXY has been the topic of several research analyst reports. Scotiabank reduced their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Barclays decreased their price objective 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. Jefferies Financial Group raised their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price objective for the company. Finally, Evercore ISI cut their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $63.70.

Occidental Petroleum Price Performance

The business’s 50-day simple moving average is $51.79 and its 200 day simple moving average is $56.91. 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 company has a market capitalization of $47.34 billion, a P/E ratio of 13.14 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Institutional Trading of Occidental Petroleum

Institutional investors have recently modified their holdings of the company. Fortitude Family Office LLC raised its position in Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. acquired 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 stake in shares of Occidental Petroleum in the 1st quarter worth approximately $44,000. LRI Investments LLC acquired a new stake in Occidental Petroleum during the first quarter valued at approximately $44,000. Finally, Transamerica Financial Advisors Inc. bought a new stake in Occidental Petroleum during the third quarter worth approximately $50,000. Institutional investors and hedge funds 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.