Occidental Petroleum (NYSE:OXY) Price Target Lowered to $77.00 at Raymond James

Occidental Petroleum (NYSE:OXY) had its price objective reduced by Raymond James from $85.00 to $77.00 in a research note published on Tuesday morning. They currently have a buy rating on the oil and gas producer’s stock.

Several other analysts also recently commented on the stock. Evercore ISI dropped their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. UBS Group dropped their price objective on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Barclays cut their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. The Goldman Sachs Group assumed coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective on the stock. Finally, Truist Financial reduced 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. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $63.70.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $49.93 on Tuesday. The business has a fifty day moving average of $51.80 and a 200 day moving average of $57.49. Occidental Petroleum has a 1 year low of $48.42 and a 1 year high of $71.18. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.75. The firm has a market capitalization of $46.85 billion, a price-to-earnings ratio of 13.00 and a beta of 1.58.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be given 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 is currently 22.92%.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently made changes to their positions in the stock. Fortitude Family Office LLC lifted its position in shares of Occidental Petroleum by 160.0% during the third 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 in the last quarter. Mizuho Securities Co. Ltd. acquired a new position in Occidental Petroleum in the third quarter valued at $32,000. New Covenant Trust Company N.A. purchased a new position in Occidental Petroleum during the 1st quarter worth approximately $44,000. LRI Investments LLC purchased a new position in Occidental Petroleum during the 1st quarter worth $44,000. Finally, Transamerica Financial Advisors Inc. acquired a new position in Occidental Petroleum in the third quarter valued at $50,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.