Occidental Petroleum (NYSE:OXY) Stock Price Down 0.7% - Here's Why

Occidental Petroleum Co. (NYSE:OXY - Get Free Report)'s share price fell 0.7% during trading on Wednesday . The company traded as low as $41.46 and last traded at $41.62. 3,595,433 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 11,155,056 shares. The stock had previously closed at $41.90.

Wall Street Analysts Forecast Growth

OXY has been the subject of a number of research reports. The Goldman Sachs Group cut shares of Occidental Petroleum from a "neutral" rating to a "sell" rating and reduced their target price for the company from $54.00 to $45.00 in a report on Friday, January 31st. TD Cowen lowered Occidental Petroleum from a "buy" rating to a "hold" rating and lowered their price objective for the company from $68.00 to $45.00 in a report on Tuesday, April 8th. Mizuho dropped their target price on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Piper Sandler decreased their price target on Occidental Petroleum from $50.00 to $48.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Finally, StockNews.com lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a report on Thursday, February 27th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $53.14.

Occidental Petroleum Price Performance

The company has a market capitalization of $40.81 billion, a price-to-earnings ratio of 17.02 and a beta of 0.81. The company has a current ratio of 0.95, a quick ratio of 0.76 and a debt-to-equity ratio of 0.95. The company's 50 day simple moving average is $42.54 and its 200-day simple moving average is $46.87.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. The firm had revenue of $6.80 billion for the quarter, compared to analyst estimates of $6.97 billion. During the same quarter last year, the business earned $0.63 earnings per share. Occidental Petroleum's revenue was up 13.9% compared to the same quarter last year. On average, equities research analysts predict that Occidental Petroleum Co. will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.32%. Occidental Petroleum's dividend payout ratio (DPR) is 39.02%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in shares of Occidental Petroleum during the 4th quarter valued at approximately $26,000. VSM Wealth Advisory LLC bought a new stake in shares of Occidental Petroleum in the 4th quarter worth about $27,000. Whipplewood Advisors LLC bought a new position in shares of Occidental Petroleum during the fourth quarter worth about $27,000. Bernard Wealth Management Corp. bought a new stake in Occidental Petroleum in the fourth quarter valued at about $32,000. Finally, Grove Bank & Trust raised its stake in Occidental Petroleum by 129.2% during the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock valued at $36,000 after buying an additional 407 shares in the last quarter. 88.70% of the stock is 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.

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