Occidental Petroleum (NYSE:OXY) Hits New 52-Week Low on Analyst Downgrade

Shares of Occidental Petroleum Co. (NYSE:OXY - Get Free Report) hit a new 52-week low on Tuesday after Mizuho lowered their price target on the stock from $72.00 to $70.00. Mizuho currently has a neutral rating on the stock. Occidental Petroleum traded as low as $46.27 and last traded at $46.27, with a volume of 103851 shares trading hands. The stock had previously closed at $46.60.

Several other brokerages also recently issued reports on OXY. Wolfe Research boosted their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, November 12th. The Goldman Sachs Group started coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They set a "neutral" rating and a $55.00 price target on the stock. Raymond James raised their price objective on shares of Occidental Petroleum from $77.00 to $78.00 and gave the company a "strong-buy" rating in a research note on Thursday, November 21st. Citigroup cut their target price on Occidental Petroleum from $57.00 to $56.00 and set a "neutral" rating for the company in a research report on Tuesday, November 26th. Finally, StockNews.com upgraded Occidental Petroleum from a "sell" rating to a "hold" rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $62.65.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Rule One Partners LLC acquired a new position in shares of Occidental Petroleum in the third quarter worth $14,199,000. Stephens Inc. AR boosted its stake in Occidental Petroleum by 221.0% during the 3rd quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer's stock valued at $777,000 after purchasing an additional 10,382 shares during the period. Weiss Asset Management LP acquired a new position in Occidental Petroleum during the 3rd quarter valued at $2,509,000. Cerity Partners LLC grew its position in Occidental Petroleum by 27.7% during the third quarter. Cerity Partners LLC now owns 70,580 shares of the oil and gas producer's stock worth $3,638,000 after buying an additional 15,316 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Occidental Petroleum by 1.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,482,049 shares of the oil and gas producer's stock valued at $76,385,000 after purchasing an additional 22,920 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Price Performance

The company's fifty day simple moving average is $50.53 and its 200-day simple moving average is $55.26. The stock has a market cap of $43.69 billion, a P/E ratio of 12.13 and a beta of 1.57. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum's payout ratio is 22.92%.

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.