Occidental Petroleum (NYSE:OXY) Shares Up 2.2% – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY) shares shot up 2.2% during trading on Monday . The stock traded as high as $48.68 and last traded at $48.58. 3,776,444 shares changed hands during trading, a decline of 60% from the average session volume of 9,370,585 shares. The stock had previously closed at $47.54.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on OXY shares. Wells Fargo & Company decreased their target price on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday. Barclays dropped their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Scotiabank decreased their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Mizuho dropped their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Evercore ISI decreased their target price on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $62.75.

Occidental Petroleum Trading Down 0.9 %

The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The business’s 50 day simple moving average is $51.37 and its 200 day simple moving average is $55.86. The stock has a market cap of $45.09 billion, a P/E ratio of 12.51 and a beta of 1.57.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.83%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is 22.92%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Retirement Systems of Alabama grew its holdings in shares of Occidental Petroleum by 1.8% in the 3rd quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock worth $7,699,000 after purchasing an additional 2,700 shares during the last quarter. Inspire Trust Co. N.A. grew its stake in Occidental Petroleum by 13.2% during the third quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock worth $2,957,000 after buying an additional 6,700 shares during the last quarter. Synovus Financial Corp increased its holdings in shares of Occidental Petroleum by 1,247.7% during the third quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock worth $2,602,000 after buying an additional 46,740 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Occidental Petroleum by 67.9% in the third quarter. Tidal Investments LLC now owns 80,025 shares of the oil and gas producer’s stock valued at $4,124,000 after acquiring an additional 32,356 shares during the last quarter. Finally, Blankinship & Foster LLC acquired a new position in shares of Occidental Petroleum in the 3rd quarter worth approximately $314,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.