Occidental Petroleum (NYSE:OXY) Stock Price Down 1.3% – Here’s What Happened

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

Wall Street Analyst Weigh In

OXY has been the subject of several recent analyst reports. The Goldman Sachs Group started coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target for the company. Jefferies Financial Group upped their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Wolfe Research raised their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Citigroup cut their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and a consensus target price of $63.25.

Occidental Petroleum Price Performance

The firm has a market cap of $47.24 billion, a price-to-earnings ratio of 13.11 and a beta of 1.58. The stock’s fifty day moving average price is $51.70 and its 200-day moving average price is $56.67. 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 Dividend Announcement

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Commerzbank Aktiengesellschaft FI boosted its stake in Occidental Petroleum by 2.0% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock valued at $573,000 after acquiring an additional 175 shares in the last quarter. Atria Wealth Solutions Inc. boosted its position in shares of Occidental Petroleum by 0.6% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock valued at $1,735,000 after purchasing an additional 176 shares during the period. Raymond James Trust N.A. grew its stake in Occidental Petroleum by 1.0% during the 2nd quarter. Raymond James Trust N.A. now owns 17,592 shares of the oil and gas producer’s stock worth $1,109,000 after buying an additional 182 shares during the last quarter. Gateway Advisory LLC increased its position in Occidental Petroleum by 3.9% during the second quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock worth $306,000 after buying an additional 184 shares during the period. Finally, Joule Financial LLC increased its position in Occidental Petroleum by 2.5% during the second quarter. Joule Financial LLC now owns 7,863 shares of the oil and gas producer’s stock worth $497,000 after buying an additional 191 shares during the period. Institutional investors and hedge funds 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.