Adams Natural Resources Fund Inc. Sells 24,700 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Adams Natural Resources Fund cut its Occidental Petroleum stake by 13% in the first quarter, selling 24,700 shares and leaving it with 165,951 shares valued at about $10.8 million.
• Occidental CEO Richard A. Jackson bought 4,770 shares at $52.38 each, a transaction worth about $249,853, which increased his ownership by 1.09%.
• The company recently reported better-than-expected earnings of $1.06 per share versus $0.60 expected, and it also declared a quarterly dividend of $0.26 per share, implying a 2.1% annual yield.

Adams Natural Resources Fund Inc. lessened its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 13.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 165,951 shares of the oil and gas producer's stock after selling 24,700 shares during the period. Occidental Petroleum makes up 1.3% of Adams Natural Resources Fund Inc.'s portfolio, making the stock its 21st biggest position. Adams Natural Resources Fund Inc.'s holdings in Occidental Petroleum were worth $10,787,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OXY. Caitlin John LLC bought a new stake in Occidental Petroleum in the fourth quarter valued at $29,000. Activest Wealth Management increased its position in shares of Occidental Petroleum by 68.5% during the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 305 shares in the last quarter. Rossby Financial LCC lifted its holdings in Occidental Petroleum by 155.0% during the 4th quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer's stock valued at $31,000 after purchasing an additional 465 shares during the last quarter. Binnacle Investments Inc bought a new position in Occidental Petroleum during the 3rd quarter valued at about $35,000. Finally, McMillan Office Inc. acquired a new position in Occidental Petroleum in the fourth quarter valued at about $35,000. Institutional investors own 88.70% of the company's stock.

Insider Activity

In related news, CEO Richard A. Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the transaction, the chief executive officer directly owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.50% of the stock is owned by corporate insiders.

Occidental Petroleum Price Performance

Shares of OXY stock opened at $49.93 on Friday. The firm has a market cap of $49.66 billion, a price-to-earnings ratio of 12.58 and a beta of 0.14. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. The stock has a 50-day moving average price of $56.36 and a 200 day moving average price of $51.78.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same period in the prior year, the company posted $0.14 EPS. The company's revenue was down 8.3% compared to the same quarter last year. Research analysts expect that Occidental Petroleum Corporation will post 5.79 EPS for the current year.

Occidental Petroleum Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, June 10th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.1%. Occidental Petroleum's dividend payout ratio is 26.20%.

Analyst Ratings Changes

OXY has been the subject of several recent analyst reports. Piper Sandler raised shares of Occidental Petroleum from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $54.00 to $66.00 in a report on Thursday, March 12th. Morgan Stanley reduced their target price on Occidental Petroleum from $74.00 to $68.00 in a report on Friday. Stephens increased their price target on Occidental Petroleum from $59.00 to $74.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Capital One Financial raised their price target on Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Finally, HSBC lifted their price objective on Occidental Petroleum from $59.00 to $68.00 and gave the company a "buy" rating in a research report on Friday, March 20th. Nine investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Occidental Petroleum currently has a consensus rating of "Hold" and an average price target of $63.48.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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