Occidental Petroleum (NYSE:OXY) Hits New 52-Week Low on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price hit a new 52-week low on Tuesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The company traded as low as $46.27 and last traded at $46.27, with a volume of 103851 shares traded. The stock had previously closed at $46.60.

Several other equities research analysts also recently weighed in on OXY. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a research note on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price for the company. Wells Fargo & Company lowered their target price on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. Wolfe Research boosted their target price on Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Truist Financial decreased their price target on Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday, September 30th. Finally, UBS Group dropped their price objective on shares of Occidental Petroleum from $58.00 to $51.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $62.65.

Institutional Trading of Occidental Petroleum

Institutional investors have recently bought and sold shares of the company. Rule One Partners LLC purchased a new stake in shares of Occidental Petroleum in the third quarter valued at $14,199,000. Stephens Inc. AR lifted its stake in shares of Occidental Petroleum by 221.0% during 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 during the period. Weiss Asset Management LP acquired a new stake in Occidental Petroleum during the third quarter worth approximately $2,509,000. Cerity Partners LLC grew its stake in Occidental Petroleum by 27.7% in the 3rd quarter. Cerity Partners LLC now owns 70,580 shares of the oil and gas producer’s stock worth $3,638,000 after acquiring an additional 15,316 shares during the period. Finally, Synovus Financial Corp raised its holdings in Occidental Petroleum by 1,247.7% in the 3rd quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after acquiring an additional 46,740 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Trading Down 1.2 %

The company has a market cap of $43.18 billion, a PE ratio of 11.98 and a beta of 1.57. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The business has a 50 day simple moving average of $50.37 and a two-hundred day simple moving average of $55.20.

Occidental Petroleum Dividend Announcement

The firm also recently declared 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. This represents a $0.88 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is 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.