Occidental Petroleum (NYSE:OXY) Shares Gap Down on Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXYGet Rating) gapped down before the market opened on Tuesday after Morgan Stanley lowered their price target on the stock from $74.00 to $71.00. The stock had previously closed at $66.50, but opened at $58.56. Morgan Stanley currently has an equal weight rating on the stock. Occidental Petroleum shares last traded at $65.60, with a volume of 505,761 shares traded.

Other equities research analysts have also issued research reports about the company. Piper Sandler cut their target price on Occidental Petroleum from $76.00 to $69.00 and set a “neutral” rating on the stock in a research report on Monday, December 19th. Barclays cut their price target on Occidental Petroleum from $74.00 to $70.00 and set an “overweight” rating on the stock in a research report on Monday. Credit Suisse Group lifted their price target on Occidental Petroleum from $63.00 to $65.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 9th. Bank of America raised Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $80.00 price target on the stock in a research report on Friday, January 6th. Finally, StockNews.com assumed coverage on Occidental Petroleum in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $76.76.

Institutional Trading of Occidental Petroleum

Institutional investors have recently modified their holdings of the business. Apeiron RIA LLC purchased a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $26,000. Orion Capital Management LLC purchased a new stake in Occidental Petroleum during the fourth quarter worth $26,000. Selway Asset Management purchased a new stake in Occidental Petroleum during the third quarter worth $37,000. Tilia Fiduciary Partners Inc. purchased a new stake in Occidental Petroleum during the second quarter worth $40,000. Finally, Accel Wealth Management boosted its position in Occidental Petroleum by 1,176.5% during the third quarter. Accel Wealth Management now owns 651 shares of the oil and gas producer’s stock worth $43,000 after purchasing an additional 600 shares in the last quarter. 78.45% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

The stock has a 50-day simple moving average of $65.48 and a 200 day simple moving average of $66.07. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.10 and a quick ratio of 0.86. The company has a market capitalization of $58.56 billion, a PE ratio of 5.36, a P/E/G ratio of 0.41 and a beta of 1.77.

Occidental Petroleum (NYSE:OXYGet Rating) last posted its earnings results on Tuesday, November 8th. The oil and gas producer reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.04). Occidental Petroleum had a return on equity of 59.90% and a net margin of 35.11%. The firm had revenue of $9.50 billion for the quarter, compared to analysts’ expectations of $9.35 billion. Equities analysts anticipate that Occidental Petroleum Co. will post 9.63 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 12th. Stockholders of record on Monday, December 12th were issued a $0.13 dividend. The ex-dividend date was Friday, December 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.81%. Occidental Petroleum’s dividend payout ratio (DPR) is 4.33%.

About Occidental Petroleum

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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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

Further Reading

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