Occidental Petroleum (NYSE:OXY) Price Target Cut to $70.00 by Analysts at Mizuho

Occidental Petroleum (NYSE:OXY - Free Report) had its price objective cut by Mizuho from $72.00 to $70.00 in a research note released on Monday,Benzinga reports. They currently have a neutral rating on the oil and gas producer's stock.

A number of other brokerages also recently issued reports on OXY. Truist Financial reduced their price objective on shares of Occidental Petroleum from $65.00 to $56.00 and set a "hold" rating on the stock in a research note on Monday, September 30th. Bank of America began coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a "neutral" rating and a $57.00 price objective on the stock. Stephens upped their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Citigroup decreased their price target on Occidental Petroleum from $57.00 to $56.00 and set a "neutral" rating on the stock in a research note on Tuesday, November 26th. Finally, Wells Fargo & Company dropped their price objective on Occidental Petroleum from $56.00 to $53.00 and set an "equal weight" rating for the company in a research report on Monday, December 9th. 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's stock. Based on data from MarketBeat, Occidental Petroleum has an average rating of "Hold" and a consensus target price of $62.65.

Occidental Petroleum Price Performance

NYSE OXY traded down $1.05 during midday trading on Monday, hitting $46.60. The company had a trading volume of 14,129,840 shares, compared to its average volume of 9,427,878. The company has a market capitalization of $43.72 billion, a PE ratio of 12.14 and a beta of 1.57. Occidental Petroleum has a twelve month low of $46.41 and a twelve month high of $71.18. 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 firm has a 50-day moving average price of $50.87 and a 200-day moving average price of $55.48.

Occidental Petroleum Announces Dividend

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 given a $0.22 dividend. 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 1.89%. Occidental Petroleum's dividend payout ratio (DPR) is currently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently bought and sold shares of the company. Commerzbank Aktiengesellschaft FI lifted its stake in shares of Occidental Petroleum by 2.0% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer's stock valued at $573,000 after purchasing an additional 175 shares during the period. Atria Wealth Solutions Inc. grew its position in shares of Occidental Petroleum by 0.6% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer's stock worth $1,735,000 after buying an additional 176 shares during the period. Raymond James Trust N.A. increased its stake in shares of Occidental Petroleum by 1.0% in the 2nd quarter. Raymond James Trust N.A. now owns 17,592 shares of the oil and gas producer's stock valued at $1,109,000 after acquiring an additional 182 shares in the last quarter. Gateway Advisory LLC boosted its stake in Occidental Petroleum by 3.9% during the second quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer's stock worth $306,000 after acquiring an additional 184 shares in the last quarter. Finally, Joule Financial LLC grew its holdings in Occidental Petroleum by 2.5% in the second quarter. Joule Financial LLC now owns 7,863 shares of the oil and gas producer's stock worth $497,000 after purchasing an additional 191 shares during the period. Institutional investors and hedge funds 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.