Occidental Petroleum (NYSE:OXY) Stock Price Up 1.4% – Time to Buy?

Occidental Petroleum Co. (NYSE:OXY)’s share price traded up 1.4% during trading on Monday . The company traded as high as $50.85 and last traded at $50.66. 3,263,231 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 9,350,981 shares. The stock had previously closed at $49.97.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Mizuho cut their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Tuesday. Raymond James decreased their target price on shares of Occidental Petroleum from $85.00 to $77.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. UBS Group decreased their target price on shares of Occidental Petroleum from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, Scotiabank decreased their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus target price of $63.65.

Occidental Petroleum Stock Down 0.8 %

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The firm has a market cap of $47.39 billion, a PE ratio of 13.15 and a beta of 1.58. The stock has a fifty day moving average price of $51.75 and a 200-day moving average price of $57.19.

Occidental Petroleum Dividend Announcement

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 issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is currently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lake Street Advisors Group LLC purchased a new position in shares of Occidental Petroleum during the 1st quarter valued at approximately $319,000. Pitcairn Co. raised its position in shares of Occidental Petroleum by 6.2% during the 1st quarter. Pitcairn Co. now owns 4,490 shares of the oil and gas producer’s stock valued at $292,000 after acquiring an additional 264 shares in the last quarter. Axxcess Wealth Management LLC raised its position in shares of Occidental Petroleum by 13.2% during the 1st quarter. Axxcess Wealth Management LLC now owns 36,660 shares of the oil and gas producer’s stock valued at $2,383,000 after acquiring an additional 4,282 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Occidental Petroleum by 14.2% during the 1st quarter. Advisors Asset Management Inc. now owns 33,180 shares of the oil and gas producer’s stock valued at $2,156,000 after acquiring an additional 4,125 shares in the last quarter. Finally, Clean Energy Transition LLP acquired a new stake in shares of Occidental Petroleum during the 1st quarter valued at approximately $67,601,000. 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.