Belpointe Asset Management LLC Sells 17,700 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Belpointe Asset Management LLC sold 17,700 shares of Occidental Petroleum Corporation, reducing its holdings by 59.5% to 12,048 shares valued at approximately $595,000.
• Occidental Petroleum has a market capitalization of $44.98 billion and reported a quarterly revenue of $6.41 billion, slightly exceeding estimates.
• The company declared a quarterly dividend of $0.24 per share, yielding 2.1%, with the ex-dividend date set for September 10th.

Belpointe Asset Management LLC reduced its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 59.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,048 shares of the oil and gas producer's stock after selling 17,700 shares during the quarter. Belpointe Asset Management LLC's holdings in Occidental Petroleum were worth $595,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Bernard Wealth Management Corp. bought a new position in shares of Occidental Petroleum in the fourth quarter valued at approximately $32,000. Grove Bank & Trust increased its stake in shares of Occidental Petroleum by 129.2% in the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after buying an additional 407 shares during the period. American National Bank & Trust purchased a new position in shares of Occidental Petroleum in the first quarter worth $39,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Occidental Petroleum in the first quarter worth $39,000. Finally, Spectrum Wealth Counsel LLC increased its stake in shares of Occidental Petroleum by 5,000.0% in the first quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer's stock worth $50,000 after buying an additional 1,000 shares during the period. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Price Performance

OXY stock opened at $45.69 on Friday. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $56.49. The company's fifty day moving average price is $44.93 and its 200-day moving average price is $43.82. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. The company has a market capitalization of $44.98 billion, a PE ratio of 27.04 and a beta of 1.04.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The company's quarterly revenue was down 6.1% compared to the same quarter last year. On average, equities analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.1%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's payout ratio is currently 56.80%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Melius assumed coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on shares of Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Citigroup upped their target price on shares of Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. UBS Group increased their price objective on shares of Occidental Petroleum from $42.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Finally, Wells Fargo & Company dropped their price target on shares of Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 15th. Four investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Occidental Petroleum currently has an average rating of "Hold" and an average price target of $54.65.

Occidental Petroleum Profile

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.

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