Occidental Petroleum (NYSE:OXY) Sets New 1-Year Low After Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) reached a new 52-week low during mid-day trading on Wednesday 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 $49.18 and last traded at $49.19, with a volume of 2496936 shares changing hands. The stock had previously closed at $50.29.

Other analysts also recently issued research reports about the stock. 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 price target for the company. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target for the company. BMO Capital Markets cut their price target on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating for the company in a report on Friday, October 4th. Scotiabank cut their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Wells Fargo & Company cut 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. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $63.70.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Banco Santander S.A. boosted its stake in Occidental Petroleum by 75.0% during the first quarter. Banco Santander S.A. now owns 138,584 shares of the oil and gas producer’s stock worth $9,007,000 after acquiring an additional 59,402 shares in the last quarter. Councilmark Asset Management LLC bought a new stake in Occidental Petroleum in the first quarter worth about $254,000. Nicolet Advisory Services LLC bought a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $205,000. South Street Advisors LLC raised its position in shares of Occidental Petroleum by 28.3% in the first quarter. South Street Advisors LLC now owns 156,920 shares of the oil and gas producer’s stock valued at $10,198,000 after purchasing an additional 34,645 shares during the period. Finally, Trustmark National Bank Trust Department raised its position in shares of Occidental Petroleum by 10.8% in the first quarter. Trustmark National Bank Trust Department now owns 33,098 shares of the oil and gas producer’s stock valued at $2,151,000 after purchasing an additional 3,238 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Trading Down 0.9 %

The firm’s 50-day moving average price is $51.90 and its 200-day moving average price is $57.67. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The company has a market cap of $45.89 billion, a P/E ratio of 13.35 and a beta of 1.58.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, December 10th. 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.