Occidental Petroleum (NYSE:OXY) Sets New 12-Month Low on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) shares reached a new 52-week low during mid-day 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 $46.27 and last traded at $46.27, with a volume of 103851 shares changing hands. The stock had previously closed at $46.60.

A number of other brokerages have also recently issued reports on OXY. Stephens lifted their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Wolfe Research lifted their target price on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 price target on shares of Occidental Petroleum in a research report on Friday, November 8th. Raymond James upped their price objective on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Finally, Scotiabank decreased their target price on 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. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $62.65.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the business. Fortitude Family Office LLC grew its position in shares of Occidental Petroleum by 160.0% in the third 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. bought a new stake in Occidental Petroleum during the 3rd quarter worth approximately $32,000. Transamerica Financial Advisors Inc. purchased a new stake in Occidental Petroleum in the 3rd quarter worth approximately $50,000. Strategic Financial Concepts LLC purchased a new position in shares of Occidental Petroleum during the 2nd quarter valued at $53,000. Finally, LRI Investments LLC boosted its stake in Occidental Petroleum by 34.6% during the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock valued at $57,000 after buying an additional 233 shares during the period. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Stock Down 0.7 %

The stock’s fifty day moving average price is $50.68 and its 200 day moving average price is $55.37. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The stock has a market cap of $43.42 billion, a P/E ratio of 12.13 and a beta of 1.57.

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 paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. Occidental Petroleum’s dividend payout ratio (DPR) 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.