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

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) was down 1% during trading on Friday after Susquehanna lowered their price target on the stock from $77.00 to $65.00. Susquehanna currently has a positive rating on the stock. Occidental Petroleum traded as low as $50.04 and last traded at $50.18. Approximately 2,272,779 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 9,320,879 shares. The stock had previously closed at $50.67.

Other equities research analysts also recently issued research reports about the company. StockNews.com raised Occidental Petroleum from a "sell" rating to a "hold" rating in a report on Thursday, November 7th. 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 report on Monday, September 30th. Scotiabank dropped their target price on Occidental Petroleum from $80.00 to $65.00 and set a "sector outperform" rating for the company in a report on Thursday, October 10th. Barclays dropped their target price on Occidental Petroleum from $67.00 to $58.00 and set an "equal weight" rating for the company in a report on Thursday, October 3rd. Finally, BMO Capital Markets dropped their target price on Occidental Petroleum from $70.00 to $65.00 and set a "market perform" rating for the company in a report on Friday, October 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $63.70.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently modified their holdings of the company. M&T Bank Corp raised its position in shares of Occidental Petroleum by 35.6% during the third quarter. M&T Bank Corp now owns 50,428 shares of the oil and gas producer's stock worth $2,599,000 after purchasing an additional 13,245 shares during the period. Guardian Wealth Management Inc. grew its holdings in Occidental Petroleum by 275.1% during the third quarter. Guardian Wealth Management Inc. now owns 51,690 shares of the oil and gas producer's stock worth $2,664,000 after buying an additional 37,909 shares in the last quarter. Gordian Capital Singapore Pte Ltd grew its holdings in Occidental Petroleum by 28.3% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 7,702 shares of the oil and gas producer's stock worth $397,000 after buying an additional 1,700 shares in the last quarter. Geller Advisors LLC bought a new stake in Occidental Petroleum during the third quarter worth $464,000. Finally, Public Employees Retirement System of Ohio grew its holdings in Occidental Petroleum by 3.8% during the third quarter. Public Employees Retirement System of Ohio now owns 297,345 shares of the oil and gas producer's stock worth $15,325,000 after buying an additional 10,896 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

The company has a fifty day moving average of $51.84 and a 200-day moving average of $57.62. The firm has a market cap of $46.85 billion, a P/E ratio of 13.05 and a beta of 1.58. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.75.

Occidental Petroleum Announces Dividend

The firm 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 $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 yield of 1.76%. Occidental Petroleum's dividend payout ratio (DPR) 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.