Occidental Petroleum (NYSE:OXY) Stock Price Down 1.3% - Here's Why

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

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Bank of America initiated coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a "neutral" rating and a $57.00 price target on the stock. Stephens increased their target price on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Raymond James lifted their price target on Occidental Petroleum from $77.00 to $78.00 and gave the company a "strong-buy" rating in a research note on Thursday. Evercore ISI dropped their price objective on Occidental Petroleum from $67.00 to $63.00 and set an "underperform" rating on the stock in a report on Monday, September 30th. Finally, UBS Group reduced their target price on Occidental Petroleum from $59.00 to $58.00 and set a "neutral" rating for the company in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $63.70.

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 $47.34 billion, a PE ratio of 13.14 and a beta of 1.58. The stock has a 50-day simple moving average of $51.79 and a 200 day simple moving average of $56.91.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum's dividend payout ratio is presently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds have recently bought and sold shares of the stock. Fortitude Family Office LLC lifted its holdings in shares of 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 valued at $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new position in shares of Occidental Petroleum during the third quarter worth about $32,000. New Covenant Trust Company N.A. acquired a new stake in shares of Occidental Petroleum in the first quarter valued at about $44,000. LRI Investments LLC purchased a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $44,000. Finally, Transamerica Financial Advisors Inc. acquired a new position in Occidental Petroleum during the 3rd quarter worth approximately $50,000. Hedge funds and other 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.

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