Occidental Petroleum Corporation (NYSE:OXY) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 49.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,868 shares of the oil and gas producer's stock after selling 31,082 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Occidental Petroleum were worth $1,568,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Proficio Capital Partners LLC purchased a new stake in shares of Occidental Petroleum in the fourth quarter worth approximately $6,337,000. Candriam S.C.A. raised its holdings in shares of Occidental Petroleum by 2.6% in the fourth quarter. Candriam S.C.A. now owns 44,056 shares of the oil and gas producer's stock worth $2,177,000 after buying an additional 1,115 shares during the period. Edgestream Partners L.P. purchased a new stake in shares of Occidental Petroleum in the fourth quarter worth approximately $1,008,000. Banco Santander S.A. purchased a new stake in shares of Occidental Petroleum in the fourth quarter worth approximately $1,023,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new stake in shares of Occidental Petroleum in the fourth quarter worth approximately $260,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

Occidental Petroleum stock traded up $2.37 during trading on Tuesday, reaching $45.72. The company had a trading volume of 15,711,384 shares, compared to its average volume of 12,318,885. The firm's 50-day simple moving average is $42.60 and its 200 day simple moving average is $45.33. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $64.75. The firm has a market capitalization of $44.99 billion, a PE ratio of 18.59 and a beta of 0.84. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.79 and a current ratio of 1.01.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The firm had revenue of $6.80 billion for the quarter, compared to analysts' expectations of $6.97 billion. During the same quarter last year, the company earned $0.63 EPS. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 10th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $0.96 annualized dividend and a yield of 2.10%. Occidental Petroleum's dividend payout ratio (DPR) is presently 39.02%.

Analysts Set New Price Targets

OXY has been the topic of several recent analyst reports. Hsbc Global Res upgraded Occidental Petroleum to a "hold" rating in a report on Wednesday, April 16th. Barclays lifted their target price on Occidental Petroleum from $46.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. TD Cowen lowered Occidental Petroleum from a "buy" rating to a "hold" rating and decreased their target price for the company from $68.00 to $45.00 in a research report on Tuesday, April 8th. JPMorgan Chase & Co. decreased their target price on Occidental Petroleum from $52.00 to $47.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Wells Fargo & Company lifted their target price on Occidental Petroleum from $42.00 to $47.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $53.38.

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.