Occidental Petroleum (NYSE:OXY) Shares Up 0.7% – Time to Buy?

Occidental Petroleum Co. (NYSE:OXY) shot up 0.7% during mid-day trading on Friday . The company traded as high as $50.77 and last traded at $50.67. 1,376,457 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 9,348,053 shares. The stock had previously closed at $50.32.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OXY. Barclays cut their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. TD Cowen cut their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Wells Fargo & Company cut their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a report on Friday, November 8th. Finally, Evercore ISI cut their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $63.25.

Occidental Petroleum Stock Performance

The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The company’s 50-day simple moving average is $51.66 and its 200-day simple moving average is $56.63. The stock has a market capitalization of $47.45 billion, a price-to-earnings ratio of 13.20 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Institutional Investors Weigh In On Occidental Petroleum

Several large investors have recently modified their holdings of OXY. Fortitude Family Office LLC increased its position in shares of Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the period. Mizuho Securities Co. Ltd. acquired a new stake in shares of Occidental Petroleum during the third quarter worth $32,000. LRI Investments LLC acquired a new stake in shares of Occidental Petroleum during the first quarter worth $44,000. Transamerica Financial Advisors Inc. acquired a new stake in shares of Occidental Petroleum during the third quarter worth $50,000. Finally, Strategic Financial Concepts LLC bought a new position in Occidental Petroleum during the second quarter worth $53,000. 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.