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

Shares of Occidental Petroleum Co. (NYSE:OXY) fell 1.5% 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. 4,001,508 shares traded hands during trading, a decline of 57% from the average session volume of 9,403,368 shares. The stock had previously closed at $46.60.

A number of other research firms also recently issued reports on OXY. Stephens increased their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. 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 price target for the company. TD Cowen decreased their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Truist Financial dropped their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Finally, UBS Group lowered their price objective on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.65.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Commerzbank Aktiengesellschaft FI raised its stake in shares of Occidental Petroleum by 2.0% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock worth $573,000 after buying an additional 175 shares during the period. Atria Wealth Solutions Inc. boosted its position 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 purchasing an additional 176 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in shares of Occidental Petroleum by 157.5% in the second quarter. Fifth Third Wealth Advisors LLC now owns 10,868 shares of the oil and gas producer’s stock worth $685,000 after purchasing an additional 6,647 shares in the last quarter. Byrne Asset Management LLC raised its position in shares of Occidental Petroleum by 551.5% during the 2nd quarter. Byrne Asset Management LLC now owns 2,469 shares of the oil and gas producer’s stock valued at $154,000 after purchasing an additional 2,090 shares during the period. Finally, Shelton Wealth Management LLC lifted its stake in shares of Occidental Petroleum by 39.0% during the 2nd quarter. Shelton Wealth Management LLC now owns 15,069 shares of the oil and gas producer’s stock valued at $950,000 after buying an additional 4,225 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

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 firm’s fifty day moving average is $50.68 and its two-hundred day moving average is $55.37. The company has a market cap of $43.08 billion, a P/E ratio of 11.96 and a beta of 1.57.

Occidental Petroleum Dividend Announcement

The firm also recently announced 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 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend 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.