CX Institutional Trims Stake in Occidental Petroleum Co. (NYSE:OXY)

CX Institutional decreased its position in shares of Occidental Petroleum Co. (NYSE:OXY) by 38.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,657 shares of the oil and gas producer’s stock after selling 2,937 shares during the quarter. CX Institutional’s holdings in Occidental Petroleum were worth $294,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. CapWealth Advisors LLC boosted its stake in shares of Occidental Petroleum by 2.7% in the first quarter. CapWealth Advisors LLC now owns 6,105 shares of the oil and gas producer’s stock worth $397,000 after acquiring an additional 162 shares during the last quarter. Meeder Advisory Services Inc. grew its stake in shares of Occidental Petroleum by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 8,503 shares of the oil and gas producer’s stock worth $553,000 after purchasing an additional 164 shares in the last quarter. Investment Research & Advisory Group Inc. grew its holdings in shares of Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 167 shares during the last quarter. Earnest Partners LLC increased its position in shares of Occidental Petroleum by 2.6% during the first quarter. Earnest Partners LLC now owns 6,850 shares of the oil and gas producer’s stock worth $445,000 after purchasing an additional 173 shares in the last quarter. Finally, Proficio Capital Partners LLC boosted its position in shares of Occidental Petroleum by 0.8% in the 1st quarter. Proficio Capital Partners LLC now owns 20,911 shares of the oil and gas producer’s stock valued at $1,359,000 after purchasing an additional 175 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Stock Performance

OXY stock traded down $0.08 on Friday, reaching $58.45. The company’s stock had a trading volume of 3,622,724 shares, compared to its average volume of 7,963,528. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.95 and a quick ratio of 0.71. Occidental Petroleum Co. has a 52 week low of $55.04 and a 52 week high of $71.18. The firm has a fifty day moving average of $60.89 and a two-hundred day moving average of $62.09. The company has a market capitalization of $51.82 billion, a P/E ratio of 15.90 and a beta of 1.61.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.68 earnings per share. As a group, analysts predict that Occidental Petroleum Co. will post 3.66 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 10th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Tuesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 24.04%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on OXY. Stephens reaffirmed an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a report on Thursday. Citigroup reduced their target price on shares of Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Mizuho lifted their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Scotiabank reduced their target price on Occidental Petroleum from $90.00 to $80.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Finally, Truist Financial lowered their price target on shares of Occidental Petroleum from $69.00 to $67.00 and set a “hold” rating on the stock in a research note on Monday, July 22nd. 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $72.06.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc acquired 1,386,844 shares of Occidental Petroleum stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $59.67 per share, for a total transaction of $82,752,981.48. Following the transaction, the insider now owns 250,583,605 shares in the company, valued at approximately $14,952,323,710.35. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have bought 4,656,747 shares of company stock valued at $278,664,028. Corporate insiders own 0.31% of the company’s stock.

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.