Occidental Petroleum (NYSE:OXY) Stock Price Down 0.9% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price fell 0.9% on Friday after Susquehanna lowered their price target on the stock from $78.00 to $77.00. Susquehanna currently has a positive rating on the stock. Occidental Petroleum traded as low as $51.10 and last traded at $51.25. 3,467,956 shares were traded during trading, a decline of 62% from the average session volume of 9,122,268 shares. The stock had previously closed at $51.72.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company lowered their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Bank of America initiated coverage on Occidental Petroleum in a report on Thursday. They issued a “neutral” rating and a $57.00 price objective on the stock. Evercore ISI decreased 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. Truist Financial reduced their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Finally, Barclays cut their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $65.72.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Occidental Petroleum

A number of institutional investors have recently made changes to their positions in the business. Wealth Alliance Advisory Group LLC boosted its stake in shares of Occidental Petroleum by 2.2% during the 3rd quarter. Wealth Alliance Advisory Group LLC now owns 9,191 shares of the oil and gas producer’s stock worth $474,000 after acquiring an additional 200 shares during the period. Capital Investment Advisors LLC lifted its position in Occidental Petroleum by 44.7% during the third quarter. Capital Investment Advisors LLC now owns 7,955 shares of the oil and gas producer’s stock worth $410,000 after acquiring an additional 2,456 shares during the last quarter. Moss Adams Wealth Advisors LLC boosted its holdings in shares of Occidental Petroleum by 20.1% during the third quarter. Moss Adams Wealth Advisors LLC now owns 8,140 shares of the oil and gas producer’s stock worth $421,000 after acquiring an additional 1,364 shares during the period. Net Worth Advisory Group acquired a new position in shares of Occidental Petroleum in the third quarter valued at approximately $775,000. Finally, Aaron Wealth Advisors LLC increased its stake in shares of Occidental Petroleum by 21.7% during the third quarter. Aaron Wealth Advisors LLC now owns 5,353 shares of the oil and gas producer’s stock worth $276,000 after purchasing an additional 953 shares during the period. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

The company has a fifty day moving average of $54.08 and a two-hundred day moving average of $59.86. The firm has a market capitalization of $46.78 billion, a price-to-earnings ratio of 12.72 and a beta of 1.57. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.68 earnings per share. As a group, equities research analysts predict that Occidental Petroleum Co. will post 3.48 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date was Tuesday, September 10th. Occidental Petroleum’s payout ratio is currently 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.