StockNews.com Downgrades Occidental Petroleum (NYSE:OXY) to Sell

StockNews.com cut shares of Occidental Petroleum (NYSE:OXY) from a hold rating to a sell rating in a research note published on Wednesday morning.

Several other analysts have also recently issued reports on the stock. Raymond James upped their target price on shares of Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 21st. UBS Group dropped their target price on Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating for the company in a report on Monday, December 9th. 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 price target on the stock. Barclays dropped their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, BMO Capital Markets reduced their target price on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research note on Friday, October 4th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $62.65.

Occidental Petroleum Stock Down 1.2 %

Shares of OXY opened at $46.02 on Wednesday. The business’s 50 day simple moving average is $50.37 and its 200-day simple moving average is $55.20. Occidental Petroleum has a 1 year low of $45.79 and a 1 year high of $71.18. The stock has a market capitalization of $43.18 billion, a price-to-earnings ratio of 11.98 and a beta of 1.57. 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 declared 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 annualized dividend and a dividend yield of 1.91%. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently modified their holdings of OXY. Fortitude Family Office LLC raised its stake in 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 worth $25,000 after buying an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in shares of Occidental Petroleum during the 3rd quarter worth $32,000. LRI Investments LLC boosted its position 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 purchasing an additional 233 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new position in Occidental Petroleum in the third quarter worth about $50,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Occidental Petroleum during the third quarter valued at about $87,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.