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

Shares of Occidental Petroleum Co. (NYSE:OXY) fell 1% during mid-day trading 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.

OXY has been the topic of a number of other research reports. Stephens lifted their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Barclays lowered their price target 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. Raymond James decreased their price objective on shares of Occidental Petroleum from $85.00 to $77.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Jefferies Financial Group upped their price objective on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Finally, Evercore ISI cut their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and an average price target of $63.65.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Fortitude Family Office LLC increased its holdings 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 purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum during the third quarter valued at approximately $32,000. New Covenant Trust Company N.A. acquired a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $44,000. LRI Investments LLC acquired a new stake in shares of Occidental Petroleum in the 1st quarter valued at $44,000. Finally, Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum during the third quarter worth $50,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Stock Performance

The firm has a fifty day moving average of $51.75 and a 200-day moving average of $57.19. 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 firm has a market cap of $47.39 billion, a P/E ratio of 13.15 and a beta of 1.58.

Occidental Petroleum Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 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.