Occidental Petroleum (NYSE:OXY) Stock Price Down 1.4% - Here's What Happened

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) dropped 1.4% during mid-day trading on Thursday . The stock traded as low as $45.13 and last traded at $45.34. Approximately 15,599,502 shares traded hands during mid-day trading, an increase of 36% from the average daily volume of 11,508,576 shares. The stock had previously closed at $45.98.

Analyst Ratings Changes

Several brokerages have recently commented on OXY. Raymond James Financial cut shares of Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and lowered their price target for the stock from $81.00 to $64.00 in a research report on Monday, March 10th. Wells Fargo & Company lowered their target price on shares of Occidental Petroleum from $49.00 to $42.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Scotiabank cut Occidental Petroleum from a "sector outperform" rating to a "sector perform" rating and set a $40.00 target price on the stock. in a report on Friday, April 11th. Morgan Stanley set a $58.00 target price on shares of Occidental Petroleum and gave the company an "overweight" rating in a research note on Wednesday, March 26th. Finally, Hsbc Global Res raised Occidental Petroleum to a "hold" rating in a research note on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $53.14.

Occidental Petroleum Stock Down 1.4%

The stock's fifty day moving average price is $41.44 and its 200-day moving average price is $45.76. The company has a market capitalization of $44.62 billion, a price-to-earnings ratio of 18.43 and a beta of 0.87. The company has a quick ratio of 0.79, a current ratio of 1.01 and a debt-to-equity ratio of 0.90.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, topping the consensus estimate of $0.74 by $0.13. The firm had revenue of $6.80 billion for the quarter, compared to analysts' expectations of $6.97 billion. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 EPS. On average, sell-side analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 10th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 10th. This represents a $0.96 annualized dividend and a yield of 2.12%. Occidental Petroleum's dividend payout ratio (DPR) is presently 39.02%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Berkshire Hathaway Inc increased its holdings in Occidental Petroleum by 3.5% during the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer's stock worth $13,053,055,000 after buying an additional 8,896,890 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Occidental Petroleum by 17.8% in the 1st quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock valued at $3,960,202,000 after acquiring an additional 12,107,285 shares during the period. Geode Capital Management LLC increased its stake in shares of Occidental Petroleum by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 14,245,357 shares of the oil and gas producer's stock worth $701,816,000 after purchasing an additional 398,467 shares during the last quarter. H&H International Investment LLC increased its stake in shares of Occidental Petroleum by 1.8% during the 1st 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 purchasing an additional 249,100 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Occidental Petroleum by 9.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock valued at $401,162,000 after purchasing 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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