Occidental Petroleum (NYSE:OXY) Price Target Cut to $56.00 by Analysts at Citigroup

Occidental Petroleum (NYSE:OXY) had its price target decreased by Citigroup from $57.00 to $56.00 in a research report report published on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas producer’s stock.

A number of other research firms have also commented on OXY. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target for the company. Wells Fargo & Company dropped their price objective on 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. Finally, Truist Financial decreased their target price on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $63.25.

Occidental Petroleum Stock Performance

Shares of NYSE OXY opened at $49.81 on Tuesday. The business’s 50-day simple moving average is $51.72 and its 200-day simple moving average is $56.72. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. Occidental Petroleum has a 52 week low of $48.42 and a 52 week high of $71.18. The firm has a market cap of $46.74 billion, a price-to-earnings ratio of 12.97 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 dividend yield of 1.77%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is 22.92%.

Institutional Trading of Occidental Petroleum

Several institutional investors have recently made changes to their positions in the business. Lazard Asset Management LLC boosted its holdings in Occidental Petroleum by 5.0% during the first quarter. Lazard Asset Management LLC now owns 12,470 shares of the oil and gas producer’s stock valued at $809,000 after purchasing an additional 589 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Occidental Petroleum by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 904,081 shares of the oil and gas producer’s stock valued at $58,757,000 after buying an additional 8,863 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in Occidental Petroleum by 16.1% in the first quarter. B. Riley Wealth Advisors Inc. now owns 20,084 shares of the oil and gas producer’s stock valued at $1,306,000 after acquiring an additional 2,780 shares during the period. Tidal Investments LLC raised its stake in Occidental Petroleum by 10.4% during the first quarter. Tidal Investments LLC now owns 69,800 shares of the oil and gas producer’s stock worth $4,535,000 after acquiring an additional 6,588 shares in the last quarter. Finally, iA Global Asset Management Inc. lifted its holdings in shares of Occidental Petroleum by 74.5% during the first quarter. iA Global Asset Management Inc. now owns 104,770 shares of the oil and gas producer’s stock valued at $6,809,000 after acquiring an additional 44,736 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.