Occidental Petroleum (NYSE:OXY) Price Target Lowered to $68.00 at TD Cowen

Occidental Petroleum (NYSE:OXY) had its price target trimmed by TD Cowen from $80.00 to $68.00 in a report released on Tuesday morning. The firm currently has a buy rating on the oil and gas producer’s stock.

Several other equities analysts also recently issued reports on the company. Bank of America began coverage on Occidental Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price objective for the company. UBS Group cut their price target on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price objective for the company. Evercore ISI reduced 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 note on Monday, September 30th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a report on Friday, November 8th. One equities 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, Occidental Petroleum presently has an average rating of “Hold” and a consensus target price of $63.70.

Occidental Petroleum Price Performance

Shares of OXY stock opened at $50.67 on Tuesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.75. The stock’s fifty day simple moving average is $51.90 and its 200 day simple moving average is $57.67. Occidental Petroleum has a one year low of $48.42 and a one year high of $71.18. The firm has a market cap of $47.55 billion, a price-to-earnings ratio of 13.20 and a beta of 1.58.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s payout ratio is currently 22.92%.

Institutional Trading of Occidental Petroleum

Hedge funds and other institutional investors have recently bought and sold shares of the company. Himalaya Capital Management LLC purchased a new position in Occidental Petroleum during the second quarter worth about $92,433,000. Clean Energy Transition LLP purchased a new position in shares of Occidental Petroleum during the first quarter worth about $67,601,000. Sarasin & Partners LLP bought a new position in shares of Occidental Petroleum in the second quarter worth approximately $63,880,000. Scharf Investments LLC purchased a new stake in Occidental Petroleum in the second quarter valued at approximately $42,744,000. Finally, American Century Companies Inc. lifted its position in Occidental Petroleum by 16.8% during the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after purchasing an additional 532,318 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

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.