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

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

Other research analysts have also issued reports about the company. UBS Group cut their price target on Occidental Petroleum from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Monday, November 18th. Wolfe Research boosted their price objective on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Bank of America initiated coverage on Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target for the company. Wells Fargo & Company lowered their price objective on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. Finally, Evercore ISI lowered their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $63.25.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds have recently added to or reduced their stakes in OXY. Geode Capital Management LLC lifted its position in shares of Occidental Petroleum by 3.3% during the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock worth $710,886,000 after purchasing an additional 444,850 shares in the last quarter. H&H International Investment LLC raised its position in Occidental Petroleum by 497.7% in the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after purchasing an additional 7,680,598 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Occidental Petroleum by 2.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock valued at $206,560,000 after buying an additional 98,703 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after buying an additional 532,318 shares during the period. Finally, Swiss National Bank raised its position in shares of Occidental Petroleum by 0.3% during the third quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after acquiring an additional 5,200 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Stock Down 1.1 %

The firm has a market cap of $46.83 billion, a price-to-earnings ratio of 13.00 and a beta of 1.58. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The firm has a 50 day moving average price of $51.77 and a 200-day moving average price of $56.82.

Occidental Petroleum Dividend Announcement

The firm also recently declared 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 of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) 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.