Occidental Petroleum (NYSE:OXY) Stock Price Down 1.1% Following Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price was down 1.1% during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $57.00 to $56.00. Citigroup currently has a neutral rating on the stock. Occidental Petroleum traded as low as $49.73 and last traded at $49.91. Approximately 4,551,805 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 9,359,230 shares. The stock had previously closed at $50.44.

Other equities analysts have also issued reports about the company. BMO Capital Markets decreased their target price on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a research report on Friday, October 4th. Mizuho decreased their price objective on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 target price on the stock. TD Cowen decreased their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Finally, Truist Financial dropped their price objective on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. One 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $63.25.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OXY. Synovus Financial Corp boosted its position in Occidental Petroleum by 1,247.7% during the third quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after purchasing an additional 46,740 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Occidental Petroleum by 67.9% in the 3rd quarter. Tidal Investments LLC now owns 80,025 shares of the oil and gas producer’s stock valued at $4,124,000 after buying an additional 32,356 shares during the last quarter. Blankinship & Foster LLC bought a new position in shares of Occidental Petroleum in the third quarter valued at $314,000. PVG Asset Management Corp acquired a new position in Occidental Petroleum during the third quarter worth $411,000. Finally, Rule One Partners LLC bought a new stake in Occidental Petroleum during the third quarter worth $14,199,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

The company’s 50-day simple moving average is $51.77 and its 200-day simple moving average is $56.82. The stock has a market capitalization of $46.83 billion, a P/E ratio of 13.00 and a beta of 1.58. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76.

Occidental Petroleum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a yield of 1.76%. 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.