Occidental Petroleum (NYSE:OXY) Shares Down 2.6% Following Analyst Downgrade

Shares of Occidental Petroleum Corporation (NYSE:OXY) were down 2.6% on Tuesday after Wells Fargo & Company lowered their price target on the stock from $47.00 to $46.00. Wells Fargo & Company currently has an equal weight rating on the stock. Occidental Petroleum traded as low as $44.09 and last traded at $43.88. Approximately 9,484,108 shares were traded during trading, a decline of 20% from the average daily volume of 11,900,106 shares. The stock had previously closed at $45.07.

Several other analysts have also recently weighed in on OXY. Hsbc Global Res raised Occidental Petroleum to a “hold” rating in a report on Wednesday, April 16th. Citigroup boosted their price target on shares of Occidental Petroleum from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Monday, May 19th. Morgan Stanley set a $58.00 price objective on shares of Occidental Petroleum and gave the company an “overweight” rating in a research note on Wednesday, March 26th. Mizuho lowered their target price on shares of Occidental Petroleum from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Finally, UBS Group cut their price target on Occidental Petroleum from $44.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $53.62.

Institutional Trading of Occidental Petroleum

A number of large investors have recently bought and sold shares of the business. Altshuler Shaham Ltd bought a new position in Occidental Petroleum in the fourth quarter valued at approximately $26,000. VSM Wealth Advisory LLC acquired a new stake in shares of Occidental Petroleum during the fourth quarter worth $27,000. Bernard Wealth Management Corp. acquired a new position in Occidental Petroleum in the 4th quarter worth $32,000. Grove Bank & Trust increased its holdings in Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 407 shares in the last quarter. Finally, American National Bank & Trust acquired a new stake in shares of Occidental Petroleum in the 1st quarter valued at about $39,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Trading Down 0.1%

The company has a quick ratio of 0.79, a current ratio of 1.01 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $41.96 billion, a P/E ratio of 17.33 and a beta of 0.84. The business has a fifty day moving average price of $43.32 and a 200 day moving average price of $45.21.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 EPS for the quarter, beating the consensus estimate of $0.74 by $0.13. The firm had revenue of $6.80 billion for the quarter, compared to analysts’ expectations of $6.97 billion. Occidental Petroleum had a return on equity of 16.60% and a net margin of 11.20%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.63 EPS. On average, analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, June 10th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Tuesday, June 10th. Occidental Petroleum’s dividend payout ratio (DPR) is currently 39.02%.

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.