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

Occidental Petroleum Co. (NYSE:OXY)’s stock price fell 1% during trading on Friday after Susquehanna lowered their price target on the stock from $77.00 to $65.00. Susquehanna currently has a positive rating on the stock. Occidental Petroleum traded as low as $50.04 and last traded at $50.18. 2,272,779 shares changed hands during trading, a decline of 76% from the average session volume of 9,320,879 shares. The stock had previously closed at $50.67.

Other equities research analysts have also recently issued reports about the company. Wolfe Research increased their price target on Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday. TD Cowen lowered their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday. Scotiabank cut their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Raymond James lowered 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. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a research report on Friday, November 8th. One 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $63.70.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently modified their holdings of the business. H&H International Investment LLC increased its holdings 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 acquiring an additional 7,680,598 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 in the last quarter. American Century Companies Inc. boosted its holdings in 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 worth $233,687,000 after buying an additional 532,318 shares during the last quarter. Swiss National Bank increased its stake in Occidental Petroleum by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after buying an additional 5,200 shares in the last quarter. Finally, Epoch Investment Partners Inc. lifted its position in shares of Occidental Petroleum by 20.1% in the second quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock valued at $104,707,000 after acquiring an additional 277,462 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.75. The stock has a market capitalization of $46.85 billion, a price-to-earnings ratio of 13.05 and a beta of 1.58. The stock has a 50 day moving average price of $51.84 and a 200-day moving average price of $57.62.

Occidental Petroleum Announces Dividend

The firm 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 annualized dividend and a yield of 1.76%. Occidental Petroleum’s dividend payout ratio 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.