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

Occidental Petroleum Corporation (NYSE:OXY - Get Free Report) shares fell 1.4% on Thursday . The company 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.

Analysts Set New Price Targets

OXY has been the subject of several research analyst reports. Morgan Stanley set a $58.00 price target on shares of Occidental Petroleum and gave the company an "overweight" rating in a report on Wednesday, March 26th. Barclays upped their target price on shares of Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Raymond James Financial lowered shares of Occidental Petroleum from a "strong-buy" rating to an "outperform" rating and reduced their target price for the stock from $81.00 to $64.00 in a research note on Monday, March 10th. Stephens reduced their target price on shares of Occidental Petroleum from $60.00 to $58.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Finally, Wall Street Zen downgraded shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Thursday, February 27th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Occidental Petroleum has an average rating of "Hold" and a consensus price target of $53.14.

Occidental Petroleum Price Performance

The firm has a market capitalization of $44.96 billion, a price-to-earnings ratio of 18.57 and a beta of 0.87. The company's 50 day moving average is $41.78 and its 200-day moving average is $45.67. The company has a current ratio of 1.01, a quick ratio of 0.79 and a debt-to-equity ratio of 0.90.

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

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 10th will be issued 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 2.10%. Occidental Petroleum's payout ratio is currently 39.02%.

Institutional Trading of Occidental Petroleum

Several hedge funds have recently added to or reduced their stakes in OXY. Altshuler Shaham Ltd acquired a new stake in Occidental Petroleum during the 4th quarter worth approximately $26,000. Whipplewood Advisors LLC acquired a new stake in Occidental Petroleum during the 4th quarter worth approximately $27,000. VSM Wealth Advisory LLC acquired a new stake in Occidental Petroleum during the 4th quarter worth approximately $27,000. Bernard Wealth Management Corp. acquired a new stake in Occidental Petroleum during the 4th quarter worth approximately $32,000. Finally, Grove Bank & Trust increased its holdings in shares of Occidental Petroleum by 129.2% during the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after purchasing an additional 407 shares during the period. 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.