Occidental Petroleum (NYSE:OXY) Shares Down 0.4% Following Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded down 0.4% during trading on Thursday after Piper Sandler lowered their price target on the stock from $57.00 to $51.00. Piper Sandler currently has a neutral rating on the stock. Occidental Petroleum traded as low as $45.81 and last traded at $45.83. 3,738,959 shares were traded during mid-day trading, a decline of 60% from the average session volume of 9,459,933 shares. The stock had previously closed at $46.02.

OXY has been the subject of a number of other reports. Wells Fargo & Company cut their target price on shares of Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Jefferies Financial Group lifted their price objective on shares of Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Bank of America assumed coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price on the stock. Barclays dropped their price target on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Finally, Evercore ISI lowered their price objective on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research note on Monday, September 30th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $62.10.

Institutional Trading of Occidental Petroleum

A number of large investors have recently modified their holdings of OXY. Fortitude Family Office LLC raised its position in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in Occidental Petroleum in the third quarter worth about $32,000. Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum during the 3rd quarter worth about $50,000. Strategic Financial Concepts LLC bought a new stake in shares of Occidental Petroleum in the 2nd quarter valued at about $53,000. Finally, LRI Investments LLC lifted its position in shares of Occidental Petroleum by 34.6% in the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after purchasing an additional 233 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Down 1.4 %

The stock has a market capitalization of $42.59 billion, a P/E ratio of 11.82 and a beta of 1.57. 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’s 50 day moving average price is $50.37 and its 200-day moving average price is $55.20.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is currently 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.