Occidental Petroleum (NYSE:OXY) Shares Down 0.7% After Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s share price dropped 0.7% on Tuesday after UBS Group lowered their price target on the stock from $58.00 to $51.00. UBS Group currently has a neutral rating on the stock. Occidental Petroleum traded as low as $47.58 and last traded at $48.18. Approximately 2,793,535 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 9,376,557 shares. The stock had previously closed at $48.50.

Several other brokerages have also recently issued reports on OXY. Wells Fargo & Company reduced their price target on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. TD Cowen cut their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Stephens lifted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Susquehanna cut their price target on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $62.75.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently modified their holdings of OXY. Fortitude Family Office LLC raised its stake in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after acquiring 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 $32,000. Transamerica Financial Advisors Inc. purchased a new position in Occidental Petroleum in the 3rd quarter valued at $50,000. Strategic Financial Concepts LLC acquired a new position in Occidental Petroleum in the 2nd quarter valued at $53,000. Finally, LRI Investments LLC raised its position in Occidental Petroleum by 34.6% during the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after buying an additional 233 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

The company has a market cap of $45.09 billion, a price-to-earnings ratio of 12.51 and a beta of 1.57. The company’s 50 day moving average price is $51.37 and its 200 day moving average price is $55.86. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 22.92%.

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.