Public Employees Retirement System of Ohio Sells 26,563 Shares of Occidental Petroleum Co. (NYSE:OXY)

Public Employees Retirement System of Ohio reduced its position in Occidental Petroleum Co. (NYSE:OXY) by 7.6% during the first quarter, HoldingsChannel reports. The firm owned 323,185 shares of the oil and gas producer’s stock after selling 26,563 shares during the period. Public Employees Retirement System of Ohio’s holdings in Occidental Petroleum were worth $21,004,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of OXY. Investment Research & Advisory Group Inc. lifted its stake in Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 167 shares during the period. Grove Bank & Trust lifted its position in shares of Occidental Petroleum by 86.0% during the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock valued at $31,000 after acquiring an additional 240 shares during the period. LifeSteps Financial Inc. bought a new position in Occidental Petroleum during the first quarter worth $34,000. Criterion Capital Advisors LLC acquired a new stake in Occidental Petroleum in the fourth quarter worth $34,000. Finally, Able Wealth Management LLC bought a new stake in Occidental Petroleum in the fourth quarter valued at $38,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Occidental Petroleum stock opened at $60.22 on Tuesday. Occidental Petroleum Co. has a 52 week low of $55.12 and a 52 week high of $71.18. The company’s 50 day moving average price is $61.52 and its two-hundred day moving average price is $62.09. The stock has a market cap of $53.39 billion, a P/E ratio of 16.44 and a beta of 1.61. The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.01. Occidental Petroleum had a return on equity of 17.50% and a net margin of 15.62%. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $6.70 billion. During the same quarter in the previous year, the firm earned $1.09 earnings per share. The business’s revenue was down 17.2% on a year-over-year basis. On average, equities analysts predict that Occidental Petroleum Co. will post 3.66 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 1.46%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Stephens cut their price objective on shares of Occidental Petroleum from $78.00 to $77.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Wolfe Research started coverage on Occidental Petroleum in a research report on Thursday, July 18th. They set an “outperform” rating and a $81.00 target price on the stock. Wells Fargo & Company reduced their price target on shares of Occidental Petroleum from $69.00 to $68.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Barclays assumed coverage on shares of Occidental Petroleum in a report on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective on the stock. Finally, Mizuho lifted their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Ten investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus target price of $72.31.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc bought 334,461 shares of Occidental Petroleum stock in a transaction dated Monday, June 17th. The stock was purchased at an average cost of $59.75 per share, with a total value of $19,984,044.75. Following the transaction, the insider now directly owns 255,281,524 shares of the company’s stock, valued at $15,253,071,059. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have purchased 4,656,747 shares of company stock valued at $278,664,028. Company insiders own 0.31% 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.