Occidental Petroleum (NYSE:OXY) Stock Price Down 0.9% on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY) shares fell 0.9% during trading on Friday after Susquehanna lowered their price target on the stock from $78.00 to $77.00. Susquehanna currently has a positive rating on the stock. Occidental Petroleum traded as low as $51.10 and last traded at $51.25. Approximately 3,467,956 shares traded hands during trading, a decline of 62% from the average daily volume of 9,122,268 shares. The stock had previously closed at $51.72.

A number of other equities analysts have also recently issued reports on the company. BMO Capital Markets cut their price target on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. Truist Financial reduced their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a report on Monday, September 30th. 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. Barclays reduced their target price on 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. Finally, Scotiabank dropped their price target on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $65.72.

Insider Buying and Selling

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum 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 completion of the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently made changes to their positions in OXY. CapWealth Advisors LLC increased its stake in Occidental Petroleum by 2.7% in the 1st quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after acquiring an additional 162 shares during the last quarter. Meeder Advisory Services Inc. grew its holdings in shares of Occidental Petroleum by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after purchasing an additional 164 shares in the last quarter. Investment Research & Advisory Group Inc. increased its position in shares of Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares during the last quarter. Earnest Partners LLC raised its stake in Occidental Petroleum by 2.6% in the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock valued at $445,000 after purchasing an additional 173 shares in the last quarter. Finally, Proficio Capital Partners LLC lifted its position in Occidental Petroleum by 0.8% during the first quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock valued at $1,359,000 after purchasing an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Trading Down 0.9 %

The stock’s 50 day simple moving average is $54.21 and its 200 day simple moving average is $59.96. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. The firm has a market cap of $45.44 billion, a PE ratio of 14.00 and a beta of 1.57.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a return on equity of 17.91% and a net margin of 16.62%. The business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter in the prior year, the firm earned $0.68 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts forecast that Occidental Petroleum Co. will post 3.49 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 10th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend was Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio is currently 24.04%.

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.