Occidental Petroleum (NYSE:OXY) Shares Down 0.7% – Time to Sell?

Occidental Petroleum Co. (NYSE:OXY)’s share price was down 0.7% during trading on Monday . The company traded as low as $50.14 and last traded at $50.22. Approximately 1,966,967 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 9,326,287 shares. The stock had previously closed at $50.58.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Barclays decreased their price objective on 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 cut their price objective on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Susquehanna reduced their price objective on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research note on Thursday, November 14th. Wolfe Research lifted their target price on Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Mizuho lowered their price target on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $63.25.

Occidental Petroleum Price Performance

The stock has a market cap of $47.27 billion, a price-to-earnings ratio of 13.08 and a beta of 1.58. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The business’s 50-day simple moving average is $51.64 and its two-hundred day simple moving average is $56.45.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.75%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently modified their holdings of the business. Inspire Trust Co. N.A. raised its position in shares of Occidental Petroleum by 13.2% during the third quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock worth $2,957,000 after acquiring an additional 6,700 shares during the last quarter. Synovus Financial Corp lifted its stake in Occidental Petroleum by 1,247.7% in the third quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after buying an additional 46,740 shares during the period. Tidal Investments LLC raised its holdings in shares of Occidental Petroleum by 67.9% during the third quarter. Tidal Investments LLC now owns 80,025 shares of the oil and gas producer’s stock valued at $4,124,000 after purchasing an additional 32,356 shares during the period. Blankinship & Foster LLC bought a new position in Occidental Petroleum in the third quarter worth approximately $314,000. Finally, PVG Asset Management Corp acquired a new stake in Occidental Petroleum in the 3rd quarter valued at $411,000. Institutional investors and hedge funds 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.