Occidental Petroleum Corporation $OXY Shares Sold by Cresset Asset Management LLC

Key Points

• Cresset Asset Management LLC has reduced its stake in Occidental Petroleum Corporation by 34.6%, now holding $1.01 million worth of shares following the sale of 10,737 shares.
• Occidental Petroleum recently announced a quarterly dividend of $0.24 per share, translating to an annualized yield of 2.2%, with shareholders of record set to receive payment on October 15th.
• Recent analyst ratings show a consensus "Hold" rating for Occidental Petroleum's stock, with price targets ranging from $42.00 to $64.00, reflecting mixed sentiments regarding its market performance.

Cresset Asset Management LLC lowered its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 34.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,287 shares of the oil and gas producer's stock after selling 10,737 shares during the quarter. Cresset Asset Management LLC's holdings in Occidental Petroleum were worth $1,006,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in OXY. Price T Rowe Associates Inc. MD lifted its holdings in shares of Occidental Petroleum by 0.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 954,772 shares of the oil and gas producer's stock worth $47,176,000 after purchasing an additional 5,487 shares during the period. MGO One Seven LLC raised its position in Occidental Petroleum by 53.7% during the 4th quarter. MGO One Seven LLC now owns 21,649 shares of the oil and gas producer's stock worth $1,070,000 after buying an additional 7,567 shares during the last quarter. Syon Capital LLC lifted its stake in shares of Occidental Petroleum by 10.9% in the 4th quarter. Syon Capital LLC now owns 29,513 shares of the oil and gas producer's stock worth $1,458,000 after acquiring an additional 2,902 shares during the period. Hancock Whitney Corp boosted its holdings in shares of Occidental Petroleum by 7.9% in the fourth quarter. Hancock Whitney Corp now owns 9,397 shares of the oil and gas producer's stock valued at $464,000 after acquiring an additional 686 shares in the last quarter. Finally, Two Sigma Securities LLC increased its stake in shares of Occidental Petroleum by 106.8% during the fourth quarter. Two Sigma Securities LLC now owns 5,853 shares of the oil and gas producer's stock worth $289,000 after acquiring an additional 92,221 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Occidental Petroleum stock traded up $1.1740 during trading hours on Friday, hitting $45.7340. The stock had a trading volume of 11,270,300 shares, compared to its average volume of 10,093,860. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $58.47. The stock has a market capitalization of $45.02 billion, a price-to-earnings ratio of 27.06 and a beta of 0.91. The stock's fifty day moving average is $44.16 and its two-hundred day moving average is $44.06. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data 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 business had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. During the same period in the previous year, the firm earned $1.03 EPS. The business's revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share 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. Stockholders 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 dividend yield of 2.1%. Occidental Petroleum's dividend payout ratio is currently 56.80%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on OXY shares. Wall Street Zen lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Melius Research assumed coverage on Occidental Petroleum in a report on Wednesday. They issued a "hold" rating and a $64.00 price target for the company. UBS Group upped their price objective on Occidental Petroleum from $42.00 to $45.00 and gave the stock a "neutral" rating in a report on Wednesday. Mizuho reduced their target price on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Finally, Scotiabank upped their price target on shares of Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Four research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $54.65.

Occidental Petroleum Company 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.