Occidental Petroleum Corporation (NYSE: OXY) shares fell back in value on Monday February 13 on slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile U.S. stock-market indexes opened higher on Monday, setting intraday all-time highs shortly after market open. The S&P 500 SPX, +0.35% opened up 6 points, or 0.2%, at 2,322.
The Nasdaq Composite COMP, +0.44% began the session up 18 points, or 0.3% higher at 5,752. The Dow Jones Industrial Average DJIA, +0.51% added 64 points or 0.3%, to 20,340 at the open.
Analysts at Mizuho upgraded shares of Occidental Petroleum Corporation (NYSE: OXY) from Neutral to Outperform today. Mizuho currently has a rating of Outperform on the stock. As a means of comparison, a number of other analysts have issued reports on the company in recent days, and Occidental Petroleum Corporation has secured a consensus one-year price target of $77.17, higher than the opening price of $67.39. Occidental Petroleum Corporation stock has a 52-week high of $78.48. Usually, after analysts give an upgrade report on a stock, they will subsequently issue sporadic revisions, such as a price target change.
Yesterday Occidental Petroleum Corporation (NYSE: OXY) shares last traded at $67.10, which represents a dip of $1.37 from the previous closing price. Opening at $67.39, they varied from $67.04 and $67.71 throughout the day.
Occidental Petroleum Corporation (NYSE: OXY) currently has a market cap of 51.27B.
Occidental Petroleum Corporation (NYSE: OXY) Average Daily Trading Volume
The stock’s average daily volume is 4,785,990 shares out of a total float 762,090,000 and some 597,172 shares crossed the trading desk yesterday, 7 percent below the norm. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts that research thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re researching.
Occidental Petroleum Corporation (NYSE: OXY) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind, Occidental Petroleum Corporation (NYSE: OXY) now has a 50-day MA of $69.37 and 200-day MA of $71.78. It has traded in a 52-week range between $64.37 – 78.48 and today’s last price is 14.50%% lower than the 52 week high of $78.48.
Earnings growth is an important factor to research when investing in stocks and investors identify companies that have grown their earnings by at least 25% over a 3 year period.
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