Occidental Petroleum (NYSE:OXY) Stock Price Down 2.2%

Occidental Petroleum Co. (NYSE:OXY)’s share price dropped 2.2% during mid-day trading on Wednesday . The stock traded as low as $65.64 and last traded at $66.82. Approximately 12,447,987 shares changed hands during mid-day trading, an increase of 67% from the average daily volume of 7,474,428 shares. The stock had previously closed at $68.34.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Stephens reaffirmed an “overweight” rating and set a $74.00 price objective on shares of Occidental Petroleum in a report on Thursday, February 15th. Mizuho increased their target price on Occidental Petroleum from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $63.00 to $90.00 in a research note on Thursday, April 11th. Finally, Raymond James lowered their price target on Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $72.06.

Occidental Petroleum Stock Down 2.2 %

The stock has a market cap of $59.23 billion, a P/E ratio of 17.09 and a beta of 1.64. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The firm’s 50-day moving average is $62.88 and its two-hundred day moving average is $61.06.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The business had revenue of $7.53 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter last year, the business earned $1.61 earnings per share. The firm’s quarterly revenue was down 9.6% compared to the same quarter last year. On average, equities research analysts anticipate that Occidental Petroleum Co. will post 3.81 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 8th were issued a $0.22 dividend. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.18. This represents a $0.88 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend was Thursday, March 7th. Occidental Petroleum’s dividend payout ratio is currently 22.51%.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Occidental Petroleum in the 3rd quarter valued at approximately $26,000. Orion Capital Management LLC acquired a new stake in Occidental Petroleum in the third quarter worth $27,000. TLW Wealth Management LLC bought a new position in shares of Occidental Petroleum during the fourth quarter worth $28,000. Grove Bank & Trust grew its holdings in shares of Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 240 shares during the period. Finally, Resurgent Financial Advisors LLC bought a new stake in shares of Occidental Petroleum in the 4th quarter valued at $35,000. Institutional investors own 88.70% of the company’s stock.

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.