Raymond James Lowers Occidental Petroleum (NYSE:OXY) Price Target to $77.00

Occidental Petroleum (NYSE:OXY) had its price target reduced by Raymond James from $85.00 to $77.00 in a research note released on Tuesday. Raymond James currently has a buy rating on the oil and gas producer’s stock.

Several other equities research analysts also recently commented on the company. Evercore ISI dropped their target price on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Barclays cut their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Susquehanna dropped their target price on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. The Goldman Sachs Group assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target for the company. Finally, Scotiabank lowered their price objective 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. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $63.70.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $49.93 on Tuesday. The company has a 50 day simple moving average of $51.80 and a two-hundred day simple moving average of $57.49. Occidental Petroleum has a fifty-two week low of $48.42 and a fifty-two week high of $71.18. The company has a market capitalization of $46.85 billion, a price-to-earnings ratio of 13.00 and a beta of 1.58. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.75 and a current ratio of 1.00.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.76%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Institutional Trading of Occidental Petroleum

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Occidental Petroleum by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock worth $710,886,000 after purchasing an additional 444,850 shares during the period. M&T Bank Corp lifted its holdings in Occidental Petroleum by 35.6% during the third quarter. M&T Bank Corp now owns 50,428 shares of the oil and gas producer’s stock worth $2,599,000 after buying an additional 13,245 shares during the period. Guardian Wealth Management Inc. raised its holdings in Occidental Petroleum by 275.1% in the third quarter. Guardian Wealth Management Inc. now owns 51,690 shares of the oil and gas producer’s stock worth $2,664,000 after purchasing an additional 37,909 shares in the last quarter. Gordian Capital Singapore Pte Ltd grew its position in shares of Occidental Petroleum by 28.3% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 7,702 shares of the oil and gas producer’s stock worth $397,000 after buying an additional 1,700 shares during the last quarter. Finally, Geller Advisors LLC purchased a new stake in Occidental Petroleum during the third quarter valued at approximately $464,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

About Occidental Petroleum

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.