Occidental Petroleum (NYSE:OXY) Shares Down 5.5% - Time to Sell?

Key Points

• Occidental Petroleum's shares fell by 5.5% to $45.08, with a trading volume down 31% from average levels, indicating a possible sell signal for investors.
• Analysts maintain an overall average rating of "Hold" for Occidental Petroleum, with a price target average of $54.32, despite various upgrades and downgrades from individual firms.
• The company declared a quarterly dividend of $0.24 per share, translating to an annual yield of 2.2%, with the payout ratio currently at 56.80%.

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) shares were down 5.5% during mid-day trading on Thursday . The stock traded as low as $45.55 and last traded at $45.08. Approximately 7,872,629 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 11,448,913 shares. The stock had previously closed at $47.72.

Analyst Upgrades and Downgrades

Several analysts have issued reports on OXY shares. Scotiabank lifted their price target on Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Friday, July 11th. UBS Group lifted their price target on Occidental Petroleum from $45.00 to $46.00 and gave the company a "neutral" rating in a research note on Monday, September 15th. JPMorgan Chase & Co. lifted their price target on Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Melius Research started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a "hold" rating and a $64.00 price target on the stock. Finally, Wells Fargo & Company dropped their price target on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 15th. Four analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Occidental Petroleum currently has an average rating of "Hold" and an average target price of $54.32.

Occidental Petroleum Trading Down 7.3%

The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The business has a 50-day moving average of $45.63 and a 200-day moving average of $43.86. The firm has a market cap of $43.55 billion, a price-to-earnings ratio of 26.16 and a beta of 0.95.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.Occidental Petroleum's quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.03 earnings per share. Research analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum's payout ratio is 56.80%.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Occidental Petroleum by 10.3% during the second quarter. Vanguard Group Inc. now owns 88,504,019 shares of the oil and gas producer's stock worth $3,718,054,000 after buying an additional 8,273,030 shares during the last quarter. State Street Corp boosted its holdings in shares of Occidental Petroleum by 1.6% during the second quarter. State Street Corp now owns 39,044,478 shares of the oil and gas producer's stock worth $1,649,147,000 after acquiring an additional 615,566 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Occidental Petroleum by 22.0% during the second quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer's stock worth $756,796,000 after acquiring an additional 3,267,269 shares during the period. H&H International Investment LLC boosted its holdings in shares of Occidental Petroleum by 1.8% during the first quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer's stock worth $682,456,000 after acquiring an additional 249,100 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Occidental Petroleum by 9.6% during the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock worth $401,162,000 after acquiring an additional 710,220 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

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.

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