Occidental Petroleum (NYSE:OXY) Trading Down 1.5% Following Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s share price dropped 1.5% during mid-day trading on Tuesday after Mizuho lowered their price target on the stock from $72.00 to $70.00. Mizuho currently has a neutral rating on the stock. Occidental Petroleum traded as low as $45.79 and last traded at $45.92. Approximately 4,001,508 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 9,403,368 shares. The stock had previously closed at $46.60.

Several other equities research analysts also recently commented on the stock. Scotiabank reduced their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Barclays reduced their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Evercore ISI decreased their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research report on Monday, September 30th. Bank of America started coverage on Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price on the stock. Finally, TD Cowen lowered their price objective 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, November 12th. One research 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 has an average rating of “Hold” and a consensus target price of $62.65.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Fortitude Family Office LLC raised its position in Occidental Petroleum by 160.0% during the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $32,000. Transamerica Financial Advisors Inc. acquired a new stake in Occidental Petroleum in the 3rd quarter valued at about $50,000. Strategic Financial Concepts LLC bought a new position in Occidental Petroleum during the second quarter worth about $53,000. Finally, LRI Investments LLC increased its position in Occidental Petroleum by 34.6% during the second 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. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Down 0.1 %

The stock has a market cap of $43.69 billion, a P/E ratio of 12.13 and a beta of 1.57. The firm has a 50 day simple moving average of $50.53 and a 200-day simple moving average of $55.26. 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 declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.89%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is 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.