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

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

OXY has been the subject of several other research reports. Stephens restated an “overweight” rating and issued a $76.00 price objective on shares of Occidental Petroleum in a report on Thursday, August 8th. Barclays lowered their price objective on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. The Goldman Sachs Group started coverage on shares of Occidental Petroleum in a research report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target on the stock. Bank of America initiated coverage on Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective for the company. Finally, Wells Fargo & Company reduced their target price on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $63.70.

Occidental Petroleum Trading Down 0.9 %

Occidental Petroleum stock opened at $50.67 on Tuesday. Occidental Petroleum has a 12-month low of $48.42 and a 12-month high of $71.18. The stock has a market capitalization of $47.55 billion, a PE ratio of 13.20 and a beta of 1.58. The firm has a 50 day simple moving average of $51.90 and a 200-day simple moving average of $57.67. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.75.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors 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 yield of 1.74%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is presently 22.92%.

Institutional Trading of Occidental Petroleum

A number of institutional investors and hedge funds have recently made changes to their positions in OXY. Fortitude Family Office LLC lifted its holdings in Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new position in Occidental Petroleum in the 3rd quarter valued at $32,000. New Covenant Trust Company N.A. bought a new position in Occidental Petroleum in the 1st quarter worth $44,000. LRI Investments LLC acquired a new position in Occidental Petroleum during the 1st quarter worth $44,000. Finally, Transamerica Financial Advisors Inc. bought a new stake in Occidental Petroleum during the third quarter valued at about $50,000. Institutional investors and hedge funds 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.