Occidental Petroleum (NYSE:OXY) Trading Down 0.2% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s share price was down 0.2% during mid-day trading on Tuesday after Raymond James lowered their price target on the stock from $85.00 to $77.00. Raymond James currently has a buy rating on the stock. Occidental Petroleum traded as low as $50.65 and last traded at $50.71. Approximately 3,081,353 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 9,223,449 shares. The stock had previously closed at $50.81.

A number of other analysts also recently commented on OXY. Truist Financial dropped their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday, September 30th. Scotiabank reduced their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Evercore ISI dropped their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research report on Monday, September 30th. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company cut their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $64.55.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC grew its stake in Occidental Petroleum by 160.0% in 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. bought a new position in Occidental Petroleum during the third quarter worth $32,000. New Covenant Trust Company N.A. acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at about $44,000. LRI Investments LLC bought a new stake in shares of Occidental Petroleum during the 1st quarter valued at about $44,000. Finally, Strategic Financial Concepts LLC bought a new position in Occidental Petroleum in the second quarter worth about $53,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Stock Performance

The company has a market capitalization of $45.54 billion, a price-to-earnings ratio of 12.39 and a beta of 1.58. The stock has a 50 day simple moving average of $52.07 and a 200 day simple moving average of $57.84. 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. Shareholders of record on Tuesday, December 10th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 21.67%.

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.