Occidental Petroleum (NYSE:OXY) Stock Price Down 1.3% – Should You Sell?

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

Analysts Set New Price Targets

A number of brokerages recently commented on OXY. Truist Financial reduced their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Wolfe Research boosted their price target on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Bank of America began coverage on Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective on the stock. BMO Capital Markets decreased their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research report on Friday, October 4th. Finally, Wells Fargo & Company cut their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $63.25.

Occidental Petroleum Stock Performance

The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $47.24 billion, a PE ratio of 13.11 and a beta of 1.58. The firm has a 50 day moving average price of $51.70 and a 200-day moving average price of $56.67.

Occidental Petroleum Announces Dividend

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

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the stock. Lazard Asset Management LLC lifted its holdings in Occidental Petroleum by 5.0% in the first quarter. Lazard Asset Management LLC now owns 12,470 shares of the oil and gas producer’s stock valued at $809,000 after acquiring an additional 589 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Occidental Petroleum by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 904,081 shares of the oil and gas producer’s stock worth $58,757,000 after buying an additional 8,863 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in Occidental Petroleum by 16.1% during the first quarter. B. Riley Wealth Advisors Inc. now owns 20,084 shares of the oil and gas producer’s stock valued at $1,306,000 after buying an additional 2,780 shares during the period. Tidal Investments LLC increased its holdings in Occidental Petroleum by 10.4% in the first quarter. Tidal Investments LLC now owns 69,800 shares of the oil and gas producer’s stock valued at $4,535,000 after buying an additional 6,588 shares in the last quarter. Finally, iA Global Asset Management Inc. raised its position in shares of Occidental Petroleum by 74.5% in the first quarter. iA Global Asset Management Inc. now owns 104,770 shares of the oil and gas producer’s stock worth $6,809,000 after acquiring an additional 44,736 shares during the period. Hedge funds and other institutional investors 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.