Occidental Petroleum (NYSE:OXY) Stock Price Up 1.3% After Analyst Upgrade

by · The Markets Daily

Occidental Petroleum Co. (NYSE:OXY – Get Free Report)’s stock price traded up 1.3% during trading on Thursday after Raymond James raised their price target on the stock from $77.00 to $78.00. Raymond James currently has a strong-buy rating on the stock. Occidental Petroleum traded as high as $51.60 and last traded at $51.59. 2,153,531 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 9,344,175 shares. The stock had previously closed at $50.91.

OXY has been the subject of several other research reports. Bank of America started coverage on Occidental Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target for the company. Wolfe Research increased their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. UBS Group dropped their price target on shares of Occidental Petroleum from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Monday. Wells Fargo & Company lowered 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. Finally, Scotiabank lowered their price target on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $63.70.

Get Our Latest Analysis on Occidental Petroleum

Institutional Trading of Occidental Petroleum

Several hedge funds have recently made changes to their positions in OXY. H&H International Investment LLC increased its stake in Occidental Petroleum by 497.7% in the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after purchasing an additional 7,680,598 shares during the last quarter. Himalaya Capital Management LLC acquired a new stake in Occidental Petroleum in the second quarter valued at about $92,433,000. Clean Energy Transition LLP acquired a new stake in shares of Occidental Petroleum in the first quarter valued at about $67,601,000. Sarasin & Partners LLP purchased a new stake in shares of Occidental Petroleum during the 2nd quarter worth approximately $63,880,000. Finally, Anson Funds Management LP grew its holdings in Occidental Petroleum by 3,645.8% in the third quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock valued at $39,453,000 after purchasing an additional 745,050 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Price 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 company has a market cap of $48.36 billion, a price-to-earnings ratio of 13.41 and a beta of 1.58. The company has a fifty day simple moving average of $51.76 and a two-hundred day simple moving average of $57.15.

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 1.71%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Occidental Petroleum Company Profile

(Get Free Report)

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.

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