Occidental Petroleum (NYSE:OXY) Shares Down 3.4%

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded down 3.4% during mid-day trading on Tuesday . The stock traded as low as $65.64 and last traded at $66.05. 4,574,586 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 8,728,263 shares. The stock had previously closed at $68.34.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Scotiabank upgraded Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $63.00 to $90.00 in a report on Thursday, April 11th. HSBC assumed coverage on Occidental Petroleum in a report on Monday, April 8th. They set a “hold” rating and a $65.00 target price on the stock. Barclays assumed coverage on Occidental Petroleum in a report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 target price on the stock. Finally, Stephens reiterated an “overweight” rating and set a $74.00 target price on shares of Occidental Petroleum in a report on Thursday, February 15th. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $72.06.

Occidental Petroleum Trading Down 1.3 %

The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The business has a 50-day moving average of $63.05 and a 200-day moving average of $61.09. The firm has a market cap of $58.49 billion, a price-to-earnings ratio of 16.87 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.74. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The business had revenue of $7.53 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the previous year, the business earned $1.61 earnings per share. Occidental Petroleum’s quarterly revenue was down 9.6% on a year-over-year basis. Research analysts anticipate that Occidental Petroleum Co. will post 3.74 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 8th were issued a dividend of $0.22 per share. The ex-dividend date was Thursday, March 7th. This represents a $0.88 dividend on an annualized basis and a yield of 1.33%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.18. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.51%.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Aviance Capital Partners LLC grew its holdings in Occidental Petroleum by 241.1% during the first quarter. Aviance Capital Partners LLC now owns 69,213 shares of the oil and gas producer’s stock worth $4,498,000 after purchasing an additional 48,920 shares during the period. SteelPeak Wealth LLC bought a new position in Occidental Petroleum during the first quarter worth about $290,000. Financial Partners Group LLC grew its holdings in Occidental Petroleum by 0.8% during the first quarter. Financial Partners Group LLC now owns 98,496 shares of the oil and gas producer’s stock worth $6,401,000 after purchasing an additional 801 shares during the period. Avalon Capital Management bought a new stake in shares of Occidental Petroleum during the first quarter worth approximately $317,000. Finally, Fox Hill Wealth Management boosted its holdings in shares of Occidental Petroleum by 3.0% during the first quarter. Fox Hill Wealth Management now owns 9,896 shares of the oil and gas producer’s stock worth $643,000 after acquiring an additional 290 shares during the period. 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.