Occidental Petroleum (NYSE:OXY) Stock Price Down 1.1% After Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) shares were down 1.1% on Tuesday after Citigroup lowered their price target on the stock from $57.00 to $56.00. Citigroup currently has a neutral rating on the stock. Occidental Petroleum traded as low as $49.73 and last traded at $49.91. Approximately 4,551,805 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 9,359,230 shares. The stock had previously closed at $50.44.

A number of other research firms have also recently commented on OXY. Wells Fargo & Company dropped their price objective on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. Scotiabank reduced their price objective on shares of 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. Wolfe Research raised their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Mizuho cut their price target on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Stephens raised their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, thirteen have issued 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.com, Occidental Petroleum currently has an average rating of “Hold” and an average price target of $63.25.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fortitude Family Office LLC boosted its holdings 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 valued at $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Occidental Petroleum during the third quarter worth approximately $32,000. LRI Investments LLC bought a new stake in shares of Occidental Petroleum in the first quarter worth $44,000. New Covenant Trust Company N.A. acquired a new stake in Occidental Petroleum in the first quarter valued at $44,000. Finally, Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum during the 3rd quarter valued at $50,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

The company’s fifty day simple moving average is $51.70 and its two-hundred day simple moving average is $56.67. The company has a market capitalization of $47.24 billion, a price-to-earnings ratio of 13.11 and a beta of 1.58. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.75%. The ex-dividend date is Tuesday, December 10th. 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.