Occidental Petroleum (NYSE:OXY) Shares Down 2.5% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY - Get Free Report) dropped 2.5% during mid-day trading 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 $48.42 and last traded at $49.02. Approximately 10,123,116 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 9,265,983 shares. The stock had previously closed at $50.29.

Several other research firms have also issued reports on OXY. Wells Fargo & Company lowered their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set an "equal weight" rating for the company in a report on Friday, September 27th. Bank of America started coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a "neutral" rating and a $57.00 price objective for the company. Stephens reiterated an "overweight" rating and issued a $76.00 price objective on shares of Occidental Petroleum in a research note on Thursday, August 8th. Susquehanna reduced their price target on shares of Occidental Petroleum from $78.00 to $77.00 and set a "positive" rating for the company in a research report on Friday, October 18th. Finally, Mizuho reduced their price target on shares of Occidental Petroleum from $76.00 to $72.00 and set a "neutral" rating for the company in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $64.30.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently made changes to their positions in the business. Fortitude Family Office LLC raised its stake in shares of Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer's stock worth $25,000 after purchasing an additional 304 shares during the period. Mizuho Securities Co. Ltd. bought a new stake in Occidental Petroleum in the 3rd quarter valued at about $32,000. New Covenant Trust Company N.A. bought a new stake in Occidental Petroleum in the 1st quarter valued at about $44,000. LRI Investments LLC bought a new stake in Occidental Petroleum in the 1st quarter valued at about $44,000. Finally, Transamerica Financial Advisors Inc. bought a new stake in Occidental Petroleum in the 3rd quarter valued at about $50,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Up 1.7 %

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

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum's dividend payout ratio is currently 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.