Adams Natural Resources Fund Inc. Sells 59,800 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Adams Natural Resources Fund reduced its Occidental Petroleum stake by 23.9% in the fourth quarter, selling 59,800 shares and leaving it with 190,651 shares worth about $7.84 million.
• Occidental reported better-than-expected quarterly earnings of $1.06 per share, topping estimates of $0.60, though revenue came in below expectations and fell 8.3% from a year earlier.
• The company declared a quarterly dividend of $0.26 per share, implying a 1.8% annual yield, while analysts currently have a consensus rating of Hold with an average price target of $63.74.

Adams Natural Resources Fund Inc. cut its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 23.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 190,651 shares of the oil and gas producer's stock after selling 59,800 shares during the period. Occidental Petroleum accounts for approximately 1.2% of Adams Natural Resources Fund Inc.'s portfolio, making the stock its 24th largest position. Adams Natural Resources Fund Inc.'s holdings in Occidental Petroleum were worth $7,840,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Carrera Capital Advisors increased its stake in shares of Occidental Petroleum by 0.5% in the 4th quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer's stock worth $1,831,000 after acquiring an additional 227 shares in the last quarter. Apella Capital LLC lifted its holdings in shares of Occidental Petroleum by 3.4% during the fourth quarter. Apella Capital LLC now owns 7,019 shares of the oil and gas producer's stock valued at $289,000 after purchasing an additional 233 shares during the last quarter. Jamison Private Wealth Management Inc. boosted its position in shares of Occidental Petroleum by 1.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 13,934 shares of the oil and gas producer's stock worth $573,000 after purchasing an additional 249 shares in the last quarter. Woodward Diversified Capital LLC grew its stake in shares of Occidental Petroleum by 4.2% in the 4th quarter. Woodward Diversified Capital LLC now owns 6,652 shares of the oil and gas producer's stock worth $274,000 after buying an additional 270 shares during the last quarter. Finally, Independent Advisor Alliance increased its position in Occidental Petroleum by 1.1% during the 4th quarter. Independent Advisor Alliance now owns 26,092 shares of the oil and gas producer's stock valued at $1,073,000 after buying an additional 276 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $56.53 on Friday. The firm's 50 day moving average price is $57.88 and its 200-day moving average price is $51.07. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve 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 market capitalization of $56.22 billion, a PE ratio of 14.24 and a beta of 0.14.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $5.44 billion. During the same period in the previous year, the business posted $0.14 earnings per share. The firm's quarterly revenue was down 8.3% compared to the same quarter last year. Equities 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. Shareholders of record on Wednesday, June 10th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Wednesday, June 10th. Occidental Petroleum's payout ratio is currently 26.20%.

Analyst Upgrades and Downgrades

OXY has been the subject of a number of recent research reports. BMO Capital Markets lifted their price objective on Occidental Petroleum from $60.00 to $65.00 and gave the company a "market perform" rating in a research note on Tuesday, April 7th. Piper Sandler upgraded shares of Occidental Petroleum from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $54.00 to $66.00 in a research note on Thursday, March 12th. Wells Fargo & Company upped their target price on shares of Occidental Petroleum from $69.00 to $72.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Stephens increased their price target on shares of Occidental Petroleum from $59.00 to $74.00 and gave the company an "overweight" rating in a report on Tuesday, March 31st. Finally, UBS Group lowered their price objective on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of "Hold" and an average price target of $63.74.

Occidental Petroleum Company Profile

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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