Corecam Pte. Ltd. Sells 37,050 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Corecam Pte. Ltd. cut its Occidental Petroleum stake by 34.9% in the third quarter, selling 37,050 shares and retaining 69,030 shares valued at approximately $3.82 million.
• Occidental reported strong quarterly results, with earnings per share of $2.40 and revenue of $8.06 billion, surpassing analyst estimates; revenue rose 53.4% year over year.
• The company increased its quarterly dividend to $0.28 per share, or $1.12 annualized. Analysts remain mixed, with a consensus “Hold” rating and an average price target of $67.46.

Corecam Pte. Ltd. lowered its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 34.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,030 shares of the oil and gas producer's stock after selling 37,050 shares during the quarter. Occidental Petroleum accounts for approximately 1.6% of Corecam Pte. Ltd.'s portfolio, making the stock its 21st largest position. Corecam Pte. Ltd.'s holdings in Occidental Petroleum were worth $3,819,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Citizens Financial Group Inc. RI lifted its stake in shares of Occidental Petroleum by 112.7% in the third quarter. Citizens Financial Group Inc. RI now owns 48,927 shares of the oil and gas producer's stock valued at $2,707,000 after buying an additional 25,920 shares in the last quarter. Simplicity Wealth LLC raised its position in Occidental Petroleum by 36.9% in the third quarter. Simplicity Wealth LLC now owns 8,606 shares of the oil and gas producer's stock worth $476,000 after acquiring an additional 2,319 shares during the period. Evergreen Capital Management LLC grew its stake in shares of Occidental Petroleum by 2.7% during the 3rd quarter. Evergreen Capital Management LLC now owns 5,929 shares of the oil and gas producer's stock worth $330,000 after acquiring an additional 155 shares during the period. Gibbs Wealth Management boosted its holdings in Occidental Petroleum by 4.2% in the 3rd quarter. Gibbs Wealth Management now owns 7,736 shares of the oil and gas producer's stock worth $428,000 after buying an additional 314 shares during the period. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in shares of Occidental Petroleum by 8.1% in the third quarter. Fifth Third Wealth Advisors LLC now owns 10,073 shares of the oil and gas producer's stock worth $557,000 after buying an additional 758 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Up 2.7%

OXY stock opened at $64.18 on Friday. The business has a 50 day simple moving average of $59.86 and a two-hundred day simple moving average of $57.25. Occidental Petroleum Corporation has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a market capitalization of $64.15 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 0.75 and a beta of 0.24. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The firm had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. During the same quarter last year, the business posted $0.39 earnings per share. The business's quarterly revenue was up 53.4% compared to the same quarter last year. Research analysts anticipate that Occidental Petroleum Corporation will post 6.84 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Thursday, September 10th. This is a positive change from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's dividend payout ratio is 17.34%.

Wall Street Analyst Weigh In

OXY has been the topic of several research reports. Wells Fargo & Company raised their price objective on shares of Occidental Petroleum from $79.00 to $82.00 and gave the company an "overweight" rating in a research report on Monday, September 14th. The Goldman Sachs Group raised shares of Occidental Petroleum from a "neutral" rating to a "buy" rating and raised their target price for the stock from $63.00 to $69.00 in a research report on Thursday, October 1st. Susquehanna upped their price target on Occidental Petroleum from $70.00 to $77.00 and gave the stock a "positive" rating in a research note on Tuesday, October 20th. Morgan Stanley lifted their target price on shares of Occidental Petroleum from $69.00 to $71.00 and gave the stock an "equal weight" rating in a report on Thursday, October 15th. Finally, Wall Street Zen upgraded shares of Occidental Petroleum from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 10th. Thirteen investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum has a consensus rating of "Hold" and an average price target of $67.46.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company's OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.

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