Occidental Petroleum (NYSE:OXY) Trading Down 1% After Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) shares 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 traded hands during mid-day 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 analysts have also recently issued reports on the company. Mizuho lowered their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Bank of America began coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 price objective on shares of Occidental Petroleum in a report on Friday, November 8th. Finally, Wolfe Research increased their target price on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $63.65.

Hedge Funds Weigh In On Occidental Petroleum

Large investors have recently made changes to their positions in the company. Earnest Partners LLC lifted its stake in Occidental Petroleum by 2.6% in the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after buying an additional 173 shares during the period. Commerzbank Aktiengesellschaft FI raised its holdings in shares of Occidental Petroleum by 2.0% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock valued at $573,000 after purchasing an additional 175 shares during the last quarter. Atria Wealth Solutions Inc. lifted its position in Occidental Petroleum by 0.6% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock worth $1,735,000 after buying an additional 176 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of Occidental Petroleum by 1.0% in the second quarter. Raymond James Trust N.A. now owns 17,592 shares of the oil and gas producer’s stock valued at $1,109,000 after acquiring an additional 182 shares during the last quarter. Finally, Gateway Advisory LLC raised its holdings in Occidental Petroleum by 3.9% during the second quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock worth $306,000 after acquiring an additional 184 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

The stock has a market capitalization of $47.28 billion, a P/E ratio of 13.13 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. The stock has a 50 day simple moving average of $51.77 and a two-hundred day simple moving average of $57.29.

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 given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.75%. 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.