Occidental Petroleum (NYSE:OXY) Cut to "Sell" at StockNews.com

StockNews.com downgraded shares of Occidental Petroleum (NYSE:OXY - Free Report) from a hold rating to a sell rating in a report published on Wednesday morning.

Several other equities research analysts have also commented on the stock. Scotiabank decreased their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a "sector outperform" rating on the stock in a research report on Thursday, October 10th. Evercore ISI reduced their price target on shares of Occidental Petroleum from $67.00 to $63.00 and set an "underperform" rating on the stock in a report on Monday, September 30th. Citigroup dropped their price objective on shares of Occidental Petroleum from $57.00 to $56.00 and set a "neutral" rating for the company in a research note on Tuesday, November 26th. TD Cowen cut their price objective on Occidental Petroleum from $80.00 to $68.00 and set a "buy" rating for the company in a research report on Tuesday, November 12th. Finally, Truist Financial lowered their target price on Occidental Petroleum from $65.00 to $56.00 and set a "hold" rating on the stock in a report on Monday, September 30th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of "Hold" and an average target price of $62.65.

Occidental Petroleum Price Performance

OXY stock traded down $0.54 during midday trading on Wednesday, hitting $46.02. 16,357,217 shares of the stock were exchanged, compared to its average volume of 9,486,896. 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 stock has a market cap of $43.18 billion, a price-to-earnings ratio of 11.98 and a beta of 1.57. Occidental Petroleum has a fifty-two week low of $45.79 and a fifty-two week high of $71.18. The stock's 50-day moving average price is $50.37 and its 200-day moving average price is $55.20.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.91%. Occidental Petroleum's dividend payout ratio (DPR) is 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently made changes to their positions in OXY. Fortitude Family Office LLC boosted its position in shares of 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 during the period. Mizuho Securities Co. Ltd. acquired a new position in shares of Occidental Petroleum during the third quarter worth $32,000. Transamerica Financial Advisors Inc. purchased a new stake in Occidental Petroleum during the 3rd quarter worth $50,000. Strategic Financial Concepts LLC acquired a new position in Occidental Petroleum in the 2nd quarter worth $53,000. Finally, LRI Investments LLC boosted its position in Occidental Petroleum by 34.6% in the 2nd quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer's stock valued at $57,000 after buying an additional 233 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

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.