Occidental Petroleum (NYSE:OXY) Shares Down 2.5% on Analyst Downgrade

Shares of Occidental Petroleum Co. (NYSE:OXY) traded down 2.5% on Wednesday after Susquehanna lowered their price target on the stock from $77.00 to $65.00. Susquehanna currently has a positive rating on the stock. Occidental Petroleum traded as low as $48.42 and last traded at $49.02. 10,123,116 shares traded hands during trading, an increase of 9% from the average session volume of 9,265,983 shares. The stock had previously closed at $50.29.

Several other equities research analysts also recently weighed in on the stock. Mizuho cut their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Evercore ISI lowered their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. BMO Capital Markets dropped their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. UBS Group lowered their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Finally, The Goldman Sachs Group began coverage on Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target on the stock. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and an average target price of $63.70.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently made changes to their positions in the business. Fortitude Family Office LLC boosted its stake in shares of Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $32,000. New Covenant Trust Company N.A. acquired a new stake in Occidental Petroleum during the first quarter valued at approximately $44,000. LRI Investments LLC acquired a new stake in shares of Occidental Petroleum during the 1st quarter valued at approximately $44,000. Finally, Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum during the 3rd quarter worth $50,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

The firm has a market capitalization of $45.89 billion, a price-to-earnings ratio of 13.35 and a beta of 1.58. The company has a 50-day moving average price of $51.90 and a 200-day moving average price of $57.67. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

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.