Occidental Petroleum (NYSE:OXY) Shares Down 3.4%

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) shares fell 3.4% during trading on Tuesday . The company 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.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OXY. Morgan Stanley upped their target price on Occidental Petroleum from $66.00 to $72.00 and gave the stock an "overweight" rating in a research note on Thursday, March 28th. Barclays started coverage on Occidental Petroleum in a research report on Wednesday, April 10th. They set an "equal weight" rating and a $73.00 price target on the stock. Mizuho increased their price target on Occidental Petroleum from $69.00 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, April 11th. HSBC started coverage on Occidental Petroleum in a research report on Monday, April 8th. They set a "hold" rating and a $65.00 price target on the stock. Finally, Truist Financial increased their price target on Occidental Petroleum from $77.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, April 5th. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $72.06.

Occidental Petroleum Stock Performance

The firm has a 50 day simple moving average of $62.88 and a 200-day simple moving average of $61.06. 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 company has a market cap of $59.23 billion, a price-to-earnings ratio of 17.09 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $6.93 billion. During the same period last year, the business posted $1.61 earnings per share. The company's quarterly revenue was down 9.6% on a year-over-year basis. As a group, analysts predict that Occidental Petroleum Co. will post 3.84 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 8th were given a dividend of $0.22 per share. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.18. This represents a $0.88 annualized dividend and a dividend yield of 1.32%. The ex-dividend date was Thursday, March 7th. Occidental Petroleum's dividend payout ratio (DPR) is currently 22.51%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Occidental Petroleum in the third quarter valued at $26,000. Orion Capital Management LLC purchased a new position in Occidental Petroleum in the third quarter valued at $27,000. TLW Wealth Management LLC purchased a new position in Occidental Petroleum in the fourth quarter valued at $28,000. Grove Bank & Trust boosted its holdings in Occidental Petroleum by 86.0% in the fourth quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer's stock valued at $31,000 after purchasing an additional 240 shares during the period. Finally, Criterion Capital Advisors LLC acquired a new stake in Occidental Petroleum in the fourth quarter valued at $34,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Company Profile

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.