Occidental Petroleum (NYSE:OXY) Trading Down 1.1% Following Analyst Downgrade

Shares of Occidental Petroleum Co. (NYSE:OXY) dropped 1.1% during mid-day trading 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 were traded during trading, a decline of 51% from the average daily volume of 9,359,230 shares. The stock had previously closed at $50.44.

Several other research analysts also recently issued reports on the company. Evercore ISI reduced their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Stephens upped their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Jefferies Financial Group lifted their price objective on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Wolfe Research upped their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, The Goldman Sachs Group started coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target for the company. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $63.25.

Institutional Trading of Occidental Petroleum

A number of large investors have recently bought and sold shares of OXY. H&H International Investment LLC boosted its holdings in shares of Occidental Petroleum by 497.7% in the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after buying an additional 7,680,598 shares during the period. Himalaya Capital Management LLC bought a new position in Occidental Petroleum during the 2nd quarter worth about $92,433,000. Sarasin & Partners LLP acquired a new stake in shares of Occidental Petroleum in the 2nd quarter valued at about $63,880,000. Anson Funds Management LP lifted its holdings in shares of Occidental Petroleum by 3,645.8% in the third quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock valued at $39,453,000 after purchasing an additional 745,050 shares in the last quarter. Finally, Scharf Investments LLC acquired a new position in shares of Occidental Petroleum during the second quarter worth about $42,744,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Stock Performance

The stock has a fifty day moving average of $51.72 and a 200-day moving average of $56.72. The firm has a market capitalization of $46.74 billion, a P/E ratio of 12.97 and a beta of 1.58. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

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 issued a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.77%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 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.