Occidental Petroleum (NYSE:OXY) Shares Down 1.1% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) was down 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 changed hands 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.

A number of other research analysts also recently weighed in on OXY. BMO Capital Markets decreased their price target on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research note on Friday, October 4th. TD Cowen decreased 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, November 12th. Truist Financial dropped their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Bank of America started coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price objective for the company. Finally, Wells Fargo & Company dropped their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $63.25.

Institutional Trading of Occidental Petroleum

Several hedge funds and other institutional investors have recently bought and sold shares of OXY. Commerzbank Aktiengesellschaft FI increased its holdings in shares of Occidental Petroleum by 2.0% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock worth $573,000 after purchasing an additional 175 shares during the period. Atria Wealth Solutions Inc. raised its holdings in Occidental Petroleum by 0.6% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock valued at $1,735,000 after acquiring an additional 176 shares in the last quarter. Raymond James Trust N.A. lifted its position in shares of Occidental Petroleum by 1.0% during the 2nd 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 period. Gateway Advisory LLC grew its holdings in shares of Occidental Petroleum by 3.9% during the 2nd quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock worth $306,000 after purchasing an additional 184 shares in the last quarter. Finally, Joule Financial LLC increased its position in shares of Occidental Petroleum by 2.5% in the second quarter. Joule Financial LLC now owns 7,863 shares of the oil and gas producer’s stock worth $497,000 after purchasing an additional 191 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Performance

The firm has a market cap of $46.74 billion, a price-to-earnings ratio of 12.97 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 moving average of $51.72 and a 200 day moving average of $56.72.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Tuesday, December 10th. 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.