Occidental Petroleum (NYSE:OXY) Reaches New 52-Week Low After Analyst Downgrade

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

Several other research analysts also recently weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. TD Cowen decreased their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday. Mizuho decreased their price target on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Evercore ISI decreased their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. Finally, StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $64.55.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently bought and sold shares of the company. Thoroughbred Financial Services LLC increased its stake in shares of Occidental Petroleum by 9.2% in the first quarter. Thoroughbred Financial Services LLC now owns 3,846 shares of the oil and gas producer’s stock worth $250,000 after acquiring an additional 323 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Occidental Petroleum by 107.2% in the first quarter. Russell Investments Group Ltd. now owns 349,592 shares of the oil and gas producer’s stock worth $22,718,000 after acquiring an additional 180,838 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Occidental Petroleum by 17.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 968,178 shares of the oil and gas producer’s stock worth $60,443,000 after acquiring an additional 141,430 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Occidental Petroleum by 21.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 777,541 shares of the oil and gas producer’s stock worth $50,532,000 after acquiring an additional 139,420 shares during the period. Finally, Midwest Professional Planners LTD. purchased a new stake in Occidental Petroleum during the first quarter worth $586,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

The stock’s fifty day moving average is $51.97 and its 200-day moving average is $57.72. The stock has a market capitalization of $44.57 billion, a PE ratio of 12.12 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Tuesday, November 12th. The oil and gas producer reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.20. The firm had revenue of $7.15 billion for the quarter, compared to the consensus estimate of $7.40 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. As a group, equities analysts predict that Occidental Petroleum Co. will post 3.29 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm 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 $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 21.67%.

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.