Occidental Petroleum (NYSE:OXY) Trading 0.3% Higher on Analyst Upgrade

Shares of Occidental Petroleum Co. (NYSE:OXY) were up 0.3% during trading on Thursday after Stephens raised their price target on the stock from $70.00 to $71.00. Stephens currently has an overweight rating on the stock. Occidental Petroleum traded as high as $52.30 and last traded at $51.25. Approximately 3,991,323 shares were traded during trading, a decline of 57% from the average daily volume of 9,310,466 shares. The stock had previously closed at $51.12.

A number of other analysts have also recently commented on the stock. Barclays dropped their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. TD Cowen dropped their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. Wolfe Research lifted 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. Finally, The Goldman Sachs Group initiated coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target for the company. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $63.70.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently made changes to their positions in OXY. Nicolet Advisory Services LLC purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $205,000. Trustmark National Bank Trust Department increased its position in shares of Occidental Petroleum by 10.8% during the 1st quarter. Trustmark National Bank Trust Department now owns 33,098 shares of the oil and gas producer’s stock valued at $2,151,000 after purchasing an additional 3,238 shares during the last quarter. Secured Retirement Advisors LLC grew its stake in shares of Occidental Petroleum by 24.5% during the 1st quarter. Secured Retirement Advisors LLC now owns 17,208 shares of the oil and gas producer’s stock valued at $1,118,000 after acquiring an additional 3,384 shares during the period. Lane Generational LLC grew its stake in shares of Occidental Petroleum by 4.8% during the 1st quarter. Lane Generational LLC now owns 80,801 shares of the oil and gas producer’s stock valued at $5,251,000 after acquiring an additional 3,711 shares during the period. Finally, Cedar Wealth Management LLC grew its stake in shares of Occidental Petroleum by 150.6% during the 1st quarter. Cedar Wealth Management LLC now owns 11,988 shares of the oil and gas producer’s stock valued at $779,000 after acquiring an additional 7,205 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Down 1.5 %

The stock has a 50 day moving average of $51.84 and a 200-day moving average of $57.62. The company has a market capitalization of $46.85 billion, a P/E ratio of 13.05 and a beta of 1.58. The company has a current ratio of 1.00, a quick ratio of 0.75 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.76%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

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.