Occidental Petroleum (NYSE:OXY) Stock Price Down 0.9% – Should You Sell?

Occidental Petroleum Co. (NYSE:OXY) traded down 0.9% during mid-day trading on Thursday . The company traded as low as $47.95 and last traded at $48.05. 1,868,600 shares were traded during mid-day trading, a decline of 80% from the average session volume of 9,379,674 shares. The stock had previously closed at $48.47.

Wall Street Analyst Weigh In

Several research firms recently commented on OXY. Truist Financial cut their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Wolfe Research increased their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Barclays cut their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Scotiabank decreased their price target on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Evercore ISI cut their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $62.75.

Occidental Petroleum Price Performance

The business has a 50-day moving average of $50.87 and a 200 day moving average of $55.56. The firm has a market capitalization of $44.70 billion, a P/E ratio of 12.40 and a beta of 1.57. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 22.92%.

Institutional Trading of Occidental Petroleum

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fortitude Family Office LLC increased its holdings in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in Occidental Petroleum in the 3rd quarter valued at $32,000. Transamerica Financial Advisors Inc. purchased a new stake in Occidental Petroleum in the 3rd quarter valued at $50,000. Strategic Financial Concepts LLC purchased a new position in Occidental Petroleum during the 2nd quarter worth $53,000. Finally, LRI Investments LLC grew its stake in shares of Occidental Petroleum by 34.6% in the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after acquiring an additional 233 shares in the last quarter. 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.