Commerce Bank Trims Stock Holdings in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Commerce Bank reduced its holdings in Occidental Petroleum by 28%, selling 8,327 shares, leaving it with 21,462 shares valued at approximately $1,059,000.
• Several institutional investors have also made notable changes to their stakes in Occidental Petroleum, with holdings by institutions now totaling 88.70% of the company’s stock.
• Occidental Petroleum's most recent earnings report showed an EPS of $0.39, slightly surpassing analyst expectations, although the company's revenue fell 6.1% year-over-year.

Commerce Bank lowered its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 28.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,462 shares of the oil and gas producer's stock after selling 8,327 shares during the period. Commerce Bank's holdings in Occidental Petroleum were worth $1,059,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in OXY. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Occidental Petroleum in the 1st quarter worth about $1,274,000. Kestra Private Wealth Services LLC boosted its stake in Occidental Petroleum by 5.6% during the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock worth $843,000 after acquiring an additional 906 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Occidental Petroleum by 9.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock worth $78,813,000 after purchasing an additional 140,528 shares during the period. Invesco Ltd. increased its stake in shares of Occidental Petroleum by 25.2% during the fourth quarter. Invesco Ltd. now owns 6,357,689 shares of the oil and gas producer's stock valued at $314,133,000 after purchasing an additional 1,278,389 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Occidental Petroleum by 7.5% during the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer's stock valued at $349,085,000 after purchasing an additional 491,797 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

OXY has been the topic of several recent research reports. Wells Fargo & Company reduced their price objective on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 15th. Piper Sandler increased their target price on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Hsbc Global Res raised Occidental Petroleum to a "hold" rating in a research report on Wednesday, April 16th. Susquehanna dropped their price target on shares of Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $53.71.

Occidental Petroleum Stock Performance

Shares of OXY traded up $0.72 during trading hours on Friday, hitting $44.31. The stock had a trading volume of 13,382,668 shares, compared to its average volume of 12,138,351. The firm has a market capitalization of $43.61 billion, a PE ratio of 26.22 and a beta of 0.91. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.01 and a quick ratio of 0.79. Occidental Petroleum Corporation has a 12 month low of $34.78 and a 12 month high of $59.11. The stock has a fifty day moving average price of $43.86 and a 200 day moving average price of $44.42.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.95% and a net margin of 8.79%. The business had revenue of $6.41 billion for the quarter, compared to analysts' expectations of $6.29 billion. During the same period last year, the firm posted $1.03 earnings per share. The business's revenue for the quarter was down 6.1% on a year-over-year basis. Analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be given a $0.24 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

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.