Occidental Petroleum (NYSE:OXY) Stock Price Down 1% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) fell 1% on Tuesday after UBS Group lowered their price target on the stock from $59.00 to $58.00. UBS Group currently has a neutral rating on the stock. Occidental Petroleum traded as low as $50.27 and last traded at $50.41. 1,640,223 shares were traded during trading, a decline of 82% from the average session volume of 9,354,780 shares. The stock had previously closed at $50.91.

A number of other equities analysts have also commented on the company. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Barclays dropped their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Wolfe Research boosted their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Raymond James dropped their price target on Occidental Petroleum from $85.00 to $77.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Finally, BMO Capital Markets dropped their price target 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 equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $63.65.

Institutional Trading of Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the business. Stephens Inc. AR increased its position in shares of Occidental Petroleum by 221.0% during the 3rd quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock valued at $777,000 after purchasing an additional 10,382 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Occidental Petroleum by 1.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,482,049 shares of the oil and gas producer’s stock valued at $76,385,000 after purchasing an additional 22,920 shares during the last quarter. Czech National Bank increased its holdings in Occidental Petroleum by 8.3% during the third quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after buying an additional 10,456 shares during the last quarter. Discovery Capital Management LLC CT purchased a new stake in Occidental Petroleum during the second quarter worth about $10,331,000. Finally, Janney Montgomery Scott LLC increased its holdings in Occidental Petroleum by 15.2% during the third quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer’s stock worth $11,440,000 after buying an additional 29,344 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Trading Down 0.8 %

The company has a market cap of $47.39 billion, a PE ratio of 13.15 and a beta of 1.58. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The firm has a fifty day moving average of $51.75 and a two-hundred day moving average of $57.19.

Occidental Petroleum Dividend Announcement

The company also recently declared 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 1.74%. The ex-dividend date is Tuesday, December 10th. 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.