96,621 Occidental Petroleum Corporation $OXY Shares Sold by Robeco Institutional Asset Management B.V.

Key Points

• Robeco Institutional Asset Management cut its Occidental Petroleum position by 19.3%, selling 96,621 shares and retaining 403,494 shares valued at approximately $22.3 million. Institutional investors collectively own 88.7% of OXY.
• Occidental reported strong quarterly results, with EPS of $2.40 beating estimates of $1.83 and revenue rising 53.4% year over year to $8.06 billion.
• The company raised its quarterly dividend to $0.28 per share, equivalent to a $1.12 annualized payout and a 1.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $67.46.

Robeco Institutional Asset Management B.V. reduced its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 19.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 403,494 shares of the oil and gas producer's stock after selling 96,621 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in Occidental Petroleum were worth $22,321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of OXY. Axiom Investment Management LLC purchased a new position in shares of Occidental Petroleum during the 1st quarter valued at $25,000. Hara Capital LLC bought a new position in Occidental Petroleum in the 2nd quarter worth $25,000. GKV Capital Management Co. Inc. bought a new stake in Occidental Petroleum during the first quarter valued at about $26,000. Portus Wealth Advisors LLC bought a new stake in Occidental Petroleum during the first quarter valued at about $29,000. Finally, Fiduciary Financial Advisors purchased a new position in shares of Occidental Petroleum in the second quarter valued at about $31,000. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $64.18 on Friday. The stock has a market cap of $64.15 billion, a price-to-earnings ratio of 9.93, a price-to-earnings-growth ratio of 0.73 and a beta of 0.24. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The stock has a 50 day moving average price of $59.86 and a 200-day moving average price of $57.25. Occidental Petroleum Corporation has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The firm had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter in the previous year, the company posted $0.39 EPS. The company's revenue for the quarter was up 53.4% compared to the same quarter last year. Equities analysts expect that Occidental Petroleum Corporation will post 6.72 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th were paid a $0.28 dividend. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Thursday, September 10th. Occidental Petroleum's payout ratio is currently 17.34%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wall Street Zen upgraded Occidental Petroleum from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 10th. Stifel Nicolaus started coverage on Occidental Petroleum in a research note on Thursday, September 10th. They issued a "hold" rating and a $68.00 price target for the company. Stephens increased their price objective on shares of Occidental Petroleum from $78.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, October 19th. BMO Capital Markets reiterated a "market perform" rating and set a $68.00 price objective on shares of Occidental Petroleum in a research report on Wednesday, October 14th. Finally, UBS Group boosted their target price on shares of Occidental Petroleum from $67.00 to $73.00 and gave the stock a "neutral" rating in a report on Wednesday, October 14th. Thirteen analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat, Occidental Petroleum currently has a consensus rating of "Hold" and an average target price of $67.46.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company's OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.

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