Occidental Petroleum (NYSE:OXY) Hits New 12-Month Low on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) hit a new 52-week low on Tuesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $46.27 and last traded at $46.27, with a volume of 103851 shares traded. The stock had previously closed at $46.60.

Several other research firms also recently weighed in on OXY. Mizuho decreased their price target on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday. Stephens upped their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Evercore ISI dropped their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Raymond James lifted their price objective on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Finally, UBS Group dropped their target price on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.65.

Institutional Trading of Occidental Petroleum

Several institutional investors have recently made changes to their positions in OXY. Fortitude Family Office LLC lifted its stake in 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 worth $25,000 after purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new position in Occidental Petroleum during the 3rd quarter worth about $32,000. LRI Investments LLC boosted its holdings in Occidental Petroleum by 34.6% during the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock valued at $57,000 after acquiring an additional 233 shares during the period. Transamerica Financial Advisors Inc. acquired a new position in Occidental Petroleum in the 3rd quarter valued at about $50,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Occidental Petroleum during the third quarter worth about $87,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

The company’s 50-day moving average price is $50.37 and its 200-day moving average price is $55.20. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The firm has a market cap of $43.18 billion, a price-to-earnings ratio of 11.98 and a beta of 1.57.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.91%. Occidental Petroleum’s payout ratio is currently 22.92%.

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.