UBS Group Cuts Occidental Petroleum (NYSE:OXY) Price Target to $58.00

Occidental Petroleum (NYSE:OXY) had its price objective trimmed by UBS Group from $59.00 to $58.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas producer’s stock.

Other equities analysts also recently issued research reports about the company. TD Cowen cut their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Stephens increased their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a research note on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. Wolfe Research upped their price objective on Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Wells Fargo & Company dropped their target price on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $63.65.

Occidental Petroleum Price Performance

NYSE:OXY opened at $50.91 on Monday. The firm has a market cap of $47.77 billion, a PE ratio of 13.26 and a beta of 1.58. The company’s 50-day moving average price is $51.76 and its two-hundred day moving average price is $57.15. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. Occidental Petroleum has a 12 month low of $48.42 and a 12 month high of $71.18.

Occidental Petroleum Announces Dividend

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 given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio is currently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently modified their holdings of OXY. Geode Capital Management LLC lifted its stake in Occidental Petroleum by 3.3% in the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock valued at $710,886,000 after buying an additional 444,850 shares in the last quarter. H&H International Investment LLC lifted its position in Occidental Petroleum by 497.7% in the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after acquiring an additional 7,680,598 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Occidental Petroleum by 2.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock worth $206,560,000 after purchasing an additional 98,703 shares during the period. American Century Companies Inc. raised its stake in shares of Occidental Petroleum by 16.8% in the 2nd 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 period. Finally, Swiss National Bank lifted its holdings in shares of Occidental Petroleum by 0.3% in the third quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock valued at $101,720,000 after purchasing an additional 5,200 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.