Occidental Petroleum (NYSE:OXY) Shares Down 1% Following Analyst Downgrade

Shares of Occidental Petroleum Co. (NYSE:OXY) were down 1% during mid-day trading on Friday after Susquehanna lowered their price target on the stock from $77.00 to $65.00. Susquehanna currently has a positive rating on the stock. Occidental Petroleum traded as low as $50.04 and last traded at $50.18. Approximately 2,272,779 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 9,320,879 shares. The stock had previously closed at $50.67.

OXY has been the topic of several other reports. Raymond James decreased their price objective on Occidental Petroleum from $85.00 to $77.00 and set a “buy” rating on the stock in a report on Tuesday. Jefferies Financial Group upped their price target on shares of Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research note on Tuesday. Truist Financial dropped 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. TD Cowen decreased their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, BMO Capital Markets reduced their price objective on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $63.70.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. M&T Bank Corp grew its position in shares of Occidental Petroleum by 35.6% during the 3rd quarter. M&T Bank Corp now owns 50,428 shares of the oil and gas producer’s stock worth $2,599,000 after buying an additional 13,245 shares in the last quarter. Guardian Wealth Management Inc. grew its holdings in Occidental Petroleum by 275.1% during the 3rd quarter. Guardian Wealth Management Inc. now owns 51,690 shares of the oil and gas producer’s stock worth $2,664,000 after acquiring an additional 37,909 shares in the last quarter. Gordian Capital Singapore Pte Ltd increased its position in Occidental Petroleum by 28.3% during the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 7,702 shares of the oil and gas producer’s stock valued at $397,000 after purchasing an additional 1,700 shares during the period. Geller Advisors LLC bought a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $464,000. Finally, Public Employees Retirement System of Ohio lifted its position in shares of Occidental Petroleum by 3.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 297,345 shares of the oil and gas producer’s stock worth $15,325,000 after purchasing an additional 10,896 shares during the period. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Down 1.5 %

The stock has a market capitalization of $46.85 billion, a P/E ratio of 13.05 and a beta of 1.58. The company has a quick ratio of 0.75, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The stock’s 50 day moving average price is $51.84 and its 200-day moving average price is $57.62.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) 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.