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

Shares of Occidental Petroleum Co. (NYSE:OXY) dropped 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. Approximately 2,272,779 shares traded hands during trading, a decline of 76% from the average daily volume of 9,320,879 shares. The stock had previously closed at $50.67.

OXY has been the subject of several other reports. Mizuho dropped their price objective on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Wolfe Research lifted their price target on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. BMO Capital Markets lowered their price objective on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research note on Friday, October 4th. Jefferies Financial Group lifted their target price on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, Truist Financial lowered 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. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $63.70.

Institutional Trading of Occidental Petroleum

Several institutional investors have recently made changes to their positions in OXY. Fortitude Family Office LLC raised its holdings in Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum in the 3rd quarter valued at $32,000. New Covenant Trust Company N.A. acquired a new position in shares of Occidental Petroleum during the 1st quarter valued at $44,000. LRI Investments LLC purchased a new stake in Occidental Petroleum during the 1st quarter worth $44,000. Finally, Transamerica Financial Advisors Inc. purchased a new position in Occidental Petroleum in the third quarter valued at about $50,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

The stock has a 50 day simple moving average of $51.84 and a 200 day simple moving average of $57.62. The company has a quick ratio of 0.75, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. The company has a market cap of $47.09 billion, a price-to-earnings ratio of 13.07 and a beta of 1.58.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.75%. 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.