Occidental Petroleum (NYSE:OXY) Sets New 1-Year Low After Analyst Downgrade

Shares of Occidental Petroleum Co. (NYSE:OXY - Get Free Report) reached a new 52-week low on Wednesday after Raymond James lowered their price target on the stock from $85.00 to $77.00. Raymond James currently has a buy rating on the stock. Occidental Petroleum traded as low as $49.18 and last traded at $49.19, with a volume of 2496936 shares. The stock had previously closed at $50.29.

Other equities analysts have also issued reports about the company. Evercore ISI reduced their target price on Occidental Petroleum from $67.00 to $63.00 and set an "underperform" rating for the company in a report on Monday, September 30th. Barclays reduced their price objective on 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. Stephens reiterated an "overweight" rating and set a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. Scotiabank reduced their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a "sector outperform" rating for the company in a research report on Thursday, October 10th. Finally, Wolfe Research began coverage on shares of Occidental Petroleum in a research report on Thursday, July 18th. They issued an "outperform" rating and a $81.00 price objective on the stock. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum presently has an average rating of "Hold" and an average price target of $64.30.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OXY. Earnest Partners LLC grew its stake in shares of Occidental Petroleum by 2.6% during the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer's stock valued at $445,000 after buying an additional 173 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Occidental Petroleum by 2.0% during the second 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. raised its holdings in 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 valued at $1,735,000 after buying an additional 176 shares during the last quarter. Raymond James Trust N.A. raised its stake in shares of Occidental Petroleum by 1.0% during the second 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 during the last quarter. Finally, Gateway Advisory LLC raised its position in Occidental Petroleum by 3.9% during the 2nd quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer's stock valued at $306,000 after purchasing an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Up 1.7 %

The stock has a market capitalization of $46.30 billion, a PE ratio of 12.88 and a beta of 1.58. The company has a 50 day moving average price of $51.97 and a 200-day moving average price of $57.72. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum's dividend payout ratio 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.