Capricorn Fund Managers Ltd Lowers Position in Occidental Petroleum Corporation $OXY

Key Points

• Capricorn Fund Managers Ltd reduced its stake in Occidental Petroleum by 8.3% in Q2, now holding 88,727 shares valued at $3.7 million, making it the company's 26th largest position.
• The latest quarterly earnings report showed Occidental Petroleum beat expectations with earnings per share of $0.39, while revenue fell 6.1% year-over-year to $6.41 billion.
• Occidental Petroleum has declared a quarterly dividend of $0.24 per share, representing an annual yield of 2.1%, with a dividend payout ratio of 56.80%.

Capricorn Fund Managers Ltd cut its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 8.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 88,727 shares of the oil and gas producer's stock after selling 8,064 shares during the period. Occidental Petroleum accounts for approximately 1.8% of Capricorn Fund Managers Ltd's portfolio, making the stock its 26th largest position. Capricorn Fund Managers Ltd's holdings in Occidental Petroleum were worth $3,727,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Grove Bank & Trust lifted its holdings in 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. Caitong International Asset Management Co. Ltd purchased a new stake in Occidental Petroleum in the first quarter worth about $39,000. Spectrum Wealth Counsel LLC lifted its holdings in 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. Ransom Advisory Ltd purchased a new stake in Occidental Petroleum in the first quarter worth about $54,000. Finally, Trifecta Capital Advisors LLC lifted its holdings in Occidental Petroleum by 4,393.9% in the first quarter. Trifecta Capital Advisors LLC now owns 1,483 shares of the oil and gas producer's stock worth $73,000 after buying an additional 1,450 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

Shares of OXY opened at $44.86 on Friday. The company has a market capitalization of $44.16 billion, a P/E ratio of 26.54 and a beta of 0.95. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The firm has a 50 day moving average of $45.63 and a 200 day moving average of $43.82. Occidental Petroleum Corporation has a twelve month low of $34.78 and a twelve month high of $56.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm's quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.03 earnings per share. 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 company 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 dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. Occidental Petroleum's dividend payout ratio (DPR) is 56.80%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on OXY shares. Evercore ISI decreased their target price on shares of Occidental Petroleum from $40.00 to $38.00 and set an "underperform" rating for the company in a research note on Friday. Roth Capital raised their target price on shares of Occidental Petroleum from $45.00 to $46.00 and gave the company a "neutral" rating in a research note on Thursday. Hsbc Global Res raised shares of Occidental Petroleum from a "hold" rating to a "strong-buy" rating in a research note on Friday. HSBC raised shares of Occidental Petroleum from a "hold" rating to a "buy" rating and raised their target price for the company from $48.00 to $55.00 in a research note on Friday. Finally, Wall Street Zen downgraded shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $52.87.

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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