Occidental Petroleum (NYSE:OXY) Trading Down 1.5% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price fell 1.5% during trading on Tuesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $45.79 and last traded at $45.92. 4,001,508 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 9,403,368 shares. The stock had previously closed at $46.60.

A number of other equities analysts have also commented on the stock. Scotiabank reduced their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Jefferies Financial Group increased their price target on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Citigroup cut their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. Susquehanna decreased their target price on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a report on Thursday, November 14th. Finally, TD Cowen cut their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $62.65.

Institutional Trading of Occidental Petroleum

A number of institutional investors have recently bought and sold shares of OXY. Rule One Partners LLC acquired a new position in shares of Occidental Petroleum in the 3rd quarter valued at $14,199,000. Stephens Inc. AR lifted its stake in Occidental Petroleum by 221.0% in the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock valued at $777,000 after buying an additional 10,382 shares during the period. Weiss Asset Management LP bought a new position in Occidental Petroleum during the third quarter worth about $2,509,000. Cerity Partners LLC grew its position in shares of Occidental Petroleum by 27.7% during the 3rd quarter. Cerity Partners LLC now owns 70,580 shares of the oil and gas producer’s stock worth $3,638,000 after buying an additional 15,316 shares during the period. Finally, Synovus Financial Corp increased its stake in shares of Occidental Petroleum by 1,247.7% in the 3rd quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after acquiring an additional 46,740 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Down 1.2 %

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

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be given 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 dividend payout ratio is 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.