Occidental Petroleum (NYSE:OXY) Trading Up 0.4% – Should You Buy?

Shares of Occidental Petroleum Co. (NYSE:OXY) were up 0.4% on Wednesday . The stock traded as high as $48.64 and last traded at $48.25. Approximately 2,235,404 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 9,378,839 shares. The stock had previously closed at $48.05.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on OXY shares. Wells Fargo & Company decreased their price target on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Monday. Citigroup reduced their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. TD Cowen reduced their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Truist Financial reduced their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Finally, BMO Capital Markets reduced their price objective on 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. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $62.75.

Occidental Petroleum Stock Performance

The stock has a market cap of $45.48 billion, a P/E ratio of 12.57 and a beta of 1.57. 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 business has a 50 day moving average price of $51.26 and a two-hundred day moving average price of $55.77.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently made changes to their positions in the business. Fortitude Family Office LLC boosted its stake in Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new position in Occidental Petroleum during the third quarter valued at approximately $32,000. Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum during the third quarter valued at approximately $50,000. Strategic Financial Concepts LLC bought a new position in Occidental Petroleum during the second quarter valued at approximately $53,000. Finally, LRI Investments LLC boosted its stake in Occidental Petroleum by 34.6% during the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock valued at $57,000 after buying an additional 233 shares during the last quarter. 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.