Occidental Petroleum (NYSE:OXY) Shares Down 0.2% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) shares were down 0.2% during mid-day trading on Tuesday after Raymond James lowered their price target on the stock from $85.00 to $77.00. Raymond James currently has a buy rating on the stock. Occidental Petroleum traded as low as $50.65 and last traded at $50.71. Approximately 3,081,353 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 9,223,449 shares. The stock had previously closed at $50.81.

Several other research firms also recently issued reports on OXY. Bank of America assumed coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective for the company. Wells Fargo & Company decreased their price objective on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Scotiabank decreased their price target on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a research note on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target for the company. Finally, Stephens restated an “overweight” rating and issued a $76.00 price objective on shares of Occidental Petroleum in a research report on Thursday, August 8th. One equities research 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $64.55.

Insider Transactions at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the transaction, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors have recently added to or reduced their stakes in OXY. Meeder Advisory Services Inc. boosted its stake in shares of Occidental Petroleum by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock valued at $553,000 after acquiring an additional 164 shares during the last quarter. Earnest Partners LLC lifted its stake in Occidental Petroleum by 2.6% during the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after purchasing an additional 173 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Occidental Petroleum by 2.0% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock valued at $573,000 after acquiring an additional 175 shares in the last quarter. Atria Wealth Solutions Inc. lifted its stake in shares of Occidental Petroleum by 0.6% in the second quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock worth $1,735,000 after buying an additional 176 shares during the last quarter. Finally, Raymond James Trust N.A. grew its holdings 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 worth $1,109,000 after purchasing an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Down 1.0 %

The company’s fifty day moving average price is $52.07 and its two-hundred day moving average price is $57.84. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The firm has a market cap of $45.54 billion, a P/E ratio of 12.46 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. Stockholders of record on Tuesday, December 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is presently 21.67%.

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.