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

Occidental Petroleum Co. (NYSE:OXY)’s stock price fell 0.2% during 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. 3,081,353 shares were traded during trading, a decline of 67% from the average session volume of 9,223,449 shares. The stock had previously closed at $50.81.

A number of other brokerages have also recently commented on OXY. Mizuho cut their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Bank of America assumed coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price for the company. Truist Financial dropped their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Susquehanna lowered their target price on Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. 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 research note on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and an average target price of $64.55.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently made changes to their positions in OXY. Thoroughbred Financial Services LLC increased its stake in shares of Occidental Petroleum by 9.2% during the 1st quarter. Thoroughbred Financial Services LLC now owns 3,846 shares of the oil and gas producer’s stock worth $250,000 after purchasing an additional 323 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Occidental Petroleum by 107.2% in the first quarter. Russell Investments Group Ltd. now owns 349,592 shares of the oil and gas producer’s stock valued at $22,718,000 after acquiring an additional 180,838 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Occidental Petroleum by 17.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 968,178 shares of the oil and gas producer’s stock valued at $60,443,000 after acquiring an additional 141,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Occidental Petroleum by 21.8% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 777,541 shares of the oil and gas producer’s stock worth $50,532,000 after purchasing an additional 139,420 shares in the last quarter. Finally, Midwest Professional Planners LTD. purchased a new position in Occidental Petroleum in the 1st quarter valued at about $586,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

The company’s 50 day simple moving average is $52.07 and its 200-day simple moving average is $57.84. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $45.54 billion, a price-to-earnings ratio of 12.39 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 given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 21.67%.

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.