Occidental Petroleum (NYSE:OXY) Shares Down 1.2%

Shares of Occidental Petroleum Co. (NYSE:OXY) were down 1.2% during mid-day trading on Wednesday . The company traded as low as $63.74 and last traded at $64.31. Approximately 2,932,024 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 8,405,708 shares. The stock had previously closed at $65.07.

Analysts Set New Price Targets

Several research firms have weighed in on OXY. Scotiabank raised Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $63.00 to $90.00 in a research report on Thursday, April 11th. Morgan Stanley increased their price objective on Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. HSBC started coverage on shares of Occidental Petroleum in a research report on Monday, April 8th. They issued a “hold” rating and a $65.00 target price on the stock. Susquehanna raised their price objective on Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Finally, Barclays started coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $73.00 price objective for the company. Nine analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $72.00.

Occidental Petroleum Trading Down 2.1 %

The stock has a fifty day moving average of $64.98 and a 200 day moving average of $61.34. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92. The company has a market capitalization of $56.45 billion, a P/E ratio of 16.29 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same period in the prior year, the business posted $1.09 earnings per share. The company’s revenue was down 17.2% on a year-over-year basis. As a group, equities research analysts anticipate that Occidental Petroleum Co. will post 3.81 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 10th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.88 dividend on an annualized basis and a yield of 1.38%. Occidental Petroleum’s dividend payout ratio is presently 22.51%.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Investment Research & Advisory Group Inc. increased its stake in Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Occidental Petroleum in the third quarter worth $26,000. Orion Capital Management LLC purchased a new stake in Occidental Petroleum during the third quarter valued at $27,000. TLW Wealth Management LLC purchased a new position in shares of Occidental Petroleum in the 4th quarter worth $28,000. Finally, Grove Bank & Trust increased its holdings in shares of Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 240 shares during 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.