Occidental Petroleum (NYSE:OXY) Trading Down 0.2% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) shares traded down 0.2% on Tuesday 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 $50.65 and last traded at $50.71. 3,081,353 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 9,223,449 shares. The stock had previously closed at $50.81.

A number of other equities analysts also recently issued reports on the company. The Goldman Sachs Group started coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target on the stock. UBS Group decreased their price objective on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. 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 research report on Friday, September 27th. Bank of America initiated coverage on shares of Occidental Petroleum in a research report on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price on the stock. Finally, TD Cowen dropped their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday. One 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 data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.55.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Stephens Inc. AR increased its holdings in Occidental Petroleum by 221.0% in the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock valued at $777,000 after buying an additional 10,382 shares in the last quarter. Czech National Bank boosted its holdings in shares of Occidental Petroleum by 8.3% in the 3rd quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock valued at $7,069,000 after purchasing an additional 10,456 shares during the last quarter. Discovery Capital Management LLC CT purchased a new position in shares of Occidental Petroleum in the 2nd quarter worth about $10,331,000. Janney Montgomery Scott LLC grew its stake in Occidental Petroleum by 15.2% during the third quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer’s stock worth $11,440,000 after buying an additional 29,344 shares during the period. Finally, Murphy Pohlad Asset Management LLC purchased a new position in Occidental Petroleum in the third quarter valued at about $593,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Stock Down 1.0 %

The firm has a 50-day moving average of $52.07 and a 200 day moving average of $57.84. The stock has a market capitalization of $45.54 billion, a price-to-earnings ratio of 12.46 and a beta of 1.58. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.75%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 21.67%.

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.