Occidental Petroleum (NYSE:OXY) Trading Down 1.5% Following Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) was down 1.5% during trading on Tuesday after Mizuho lowered their price target on the stock from $72.00 to $70.00. Mizuho currently has a neutral rating on the stock. Occidental Petroleum traded as low as $45.79 and last traded at $45.92. Approximately 4,001,508 shares traded hands during trading, a decline of 57% from the average daily volume of 9,403,368 shares. The stock had previously closed at $46.60.

A number of other research analysts have also weighed in on the company. The Goldman Sachs Group assumed coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price for the company. Scotiabank reduced their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Citigroup dropped their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. Susquehanna decreased their target price on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a research note on Thursday, November 14th. Finally, 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. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $62.65.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in OXY. Fortitude Family Office LLC boosted 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 buying an additional 304 shares during the period. Mizuho Securities Co. Ltd. bought a new stake in shares of Occidental Petroleum in the third quarter worth about $32,000. LRI Investments LLC increased its holdings in Occidental Petroleum by 34.6% during the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock valued at $57,000 after purchasing an additional 233 shares during the period. Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum during the 3rd quarter valued at approximately $50,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Occidental Petroleum in the 3rd quarter worth approximately $87,000. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Down 1.5 %

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The stock has a market capitalization of $43.08 billion, a P/E ratio of 11.96 and a beta of 1.57. The stock has a 50-day moving average price of $50.68 and a two-hundred day moving average price of $55.37.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.92%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

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.