Occidental Petroleum (NYSE:OXY) Stock Price Up 0.3% Following Analyst Upgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price rose 0.3% during trading on Thursday after Stephens raised their price target on the stock from $70.00 to $71.00. Stephens currently has an overweight rating on the stock. Occidental Petroleum traded as high as $52.30 and last traded at $51.25. Approximately 3,991,323 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 9,310,466 shares. The stock had previously closed at $51.12.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group raised their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research note on Tuesday. Raymond James decreased their price objective on shares of Occidental Petroleum from $85.00 to $77.00 and set a “buy” rating for the company in a report on Tuesday. Wells Fargo & Company decreased their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. TD Cowen decreased their price objective on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Susquehanna decreased their price objective on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $63.70.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently made changes to their positions in OXY. Fortitude Family Office LLC lifted its position in shares of Occidental Petroleum by 160.0% in the 3rd 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 valued at approximately $32,000. New Covenant Trust Company N.A. purchased a new stake in shares of Occidental Petroleum in the 1st quarter valued at approximately $44,000. LRI Investments LLC purchased a new stake in shares of Occidental Petroleum in the 1st quarter valued at approximately $44,000. Finally, Transamerica Financial Advisors Inc. purchased a new stake in Occidental Petroleum in the 3rd quarter worth approximately $50,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Down 0.9 %

The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The company has a market cap of $45.89 billion, a PE ratio of 13.35 and a beta of 1.58. The business’s 50-day simple moving average is $51.90 and its 200-day simple moving average is $57.67.

Occidental Petroleum Announces Dividend

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 given a $0.22 dividend. 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 1.74%. Occidental Petroleum’s payout ratio is 22.92%.

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.