Occidental Petroleum (NYSE:OXY) Shares Down 1% After Analyst Downgrade

Shares of Occidental Petroleum Co. (NYSE:OXY - Get Free Report) dropped 1% on Tuesday after UBS Group lowered their price target on the stock from $59.00 to $58.00. UBS Group currently has a neutral rating on the stock. Occidental Petroleum traded as low as $50.27 and last traded at $50.41. Approximately 1,640,223 shares traded hands during trading, a decline of 82% from the average daily volume of 9,354,780 shares. The stock had previously closed at $50.91.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $56.00 price objective on shares of Occidental Petroleum in a research note on Friday, November 8th. Truist Financial dropped their target price on Occidental Petroleum from $65.00 to $56.00 and set a "hold" rating for the company in a research report on Monday, September 30th. 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 research report on Monday, September 30th. Raymond James dropped their price objective on shares of Occidental Petroleum from $85.00 to $77.00 and set a "buy" rating for the company in a report on Tuesday, November 12th. Finally, Bank of America initiated coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a "neutral" rating and a $57.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, Occidental Petroleum has an average rating of "Hold" and an average target price of $63.65.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds have recently made changes to their positions in OXY. Geode Capital Management LLC increased its position in Occidental Petroleum by 3.3% during the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer's stock worth $710,886,000 after buying an additional 444,850 shares during the period. H&H International Investment LLC increased its holdings in shares of Occidental Petroleum by 497.7% in the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer's stock valued at $475,389,000 after acquiring an additional 7,680,598 shares during the period. Charles Schwab Investment Management Inc. raised its position in Occidental Petroleum by 2.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer's stock valued at $206,560,000 after purchasing an additional 98,703 shares during the last quarter. American Century Companies Inc. boosted its stake in Occidental Petroleum by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer's stock worth $233,687,000 after purchasing an additional 532,318 shares during the period. Finally, Swiss National Bank grew its position in Occidental Petroleum by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer's stock worth $101,720,000 after purchasing an additional 5,200 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Down 0.8 %

The company has a market capitalization of $47.39 billion, a price-to-earnings ratio of 13.15 and a beta of 1.58. The business's 50 day simple moving average is $51.75 and its 200 day simple moving average is $57.19. 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 business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum's dividend payout ratio is presently 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.