Occidental Petroleum (NYSE:OXY) Trading Down 0.8% After Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) traded down 0.8% on Monday 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 $47.15 and last traded at $47.26. 2,292,569 shares changed hands during trading, a decline of 76% from the average session volume of 9,376,886 shares. The stock had previously closed at $47.64.

Several other research analysts have also recently issued reports on OXY. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price for the company. Scotiabank cut their target price on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Barclays lowered their price objective on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Wells Fargo & Company decreased their target price on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, December 9th. Finally, Stephens increased their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $62.65.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Fortitude Family Office LLC raised its holdings in shares of Occidental Petroleum by 160.0% in 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. acquired a new stake in shares of Occidental Petroleum during the third quarter worth about $32,000. Transamerica Financial Advisors Inc. purchased a new position in Occidental Petroleum during the 3rd quarter worth approximately $50,000. Strategic Financial Concepts LLC purchased a new position in shares of Occidental Petroleum in the 2nd quarter valued at approximately $53,000. Finally, LRI Investments LLC lifted its holdings in shares of Occidental Petroleum by 34.6% during the second 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. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Trading Down 0.9 %

The stock has a market capitalization of $44.32 billion, a PE ratio of 12.31 and a beta of 1.57. 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 business’s 50-day moving average is $50.87 and its two-hundred day moving average is $55.48.

Occidental Petroleum Dividend Announcement

The firm 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. This represents a $0.88 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio 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.