Empyrean Capital Partners LP Lowers Stock Holdings in Occidental Petroleum Corporation $OXY

Key Points

• Empyrean Capital Partners cut its Occidental Petroleum stake by 45.1% in the fourth quarter, selling 86,100 shares and leaving it with 104,900 shares worth about $4.31 million.
• Occidental Petroleum reported stronger-than-expected earnings for the quarter, posting $1.06 EPS versus the $0.60 consensus estimate, though revenue of $5.11 billion came in below expectations and fell 8.3% year over year.
• The company declared a quarterly dividend of $0.26 per share, equal to an annualized yield of about 2.0%, while Wall Street’s consensus view remains Hold with an average price target of $63.74.

Empyrean Capital Partners LP trimmed its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 45.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 104,900 shares of the oil and gas producer's stock after selling 86,100 shares during the period. Empyrean Capital Partners LP's holdings in Occidental Petroleum were worth $4,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Activest Wealth Management raised its holdings in shares of Occidental Petroleum by 68.5% in the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer's stock valued at $31,000 after purchasing an additional 305 shares in the last quarter. Rossby Financial LCC raised its holdings in shares of Occidental Petroleum by 155.0% in the 4th quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer's stock valued at $31,000 after purchasing an additional 465 shares in the last quarter. Binnacle Investments Inc bought a new stake in shares of Occidental Petroleum in the 3rd quarter valued at about $35,000. McMillan Office Inc. bought a new stake in shares of Occidental Petroleum in the 4th quarter valued at about $35,000. Finally, Garner Asset Management Corp bought a new stake in shares of Occidental Petroleum in the 4th quarter valued at about $37,000. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Down 1.3%

NYSE OXY opened at $52.97 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.49. The firm has a market cap of $52.69 billion, a PE ratio of 13.34 and a beta of 0.14. The company has a 50 day moving average price of $57.32 and a 200 day moving average price of $51.40. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping the consensus estimate of $0.60 by $0.46. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. Occidental Petroleum's revenue was down 8.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.14 EPS. As a group, sell-side analysts forecast that Occidental Petroleum Corporation will post 5.79 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, June 10th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, June 10th. Occidental Petroleum's payout ratio is 26.20%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on OXY shares. Citigroup reduced their price target on shares of Occidental Petroleum from $67.00 to $62.00 and set a "neutral" rating for the company in a report on Friday, April 17th. Argus upgraded shares of Occidental Petroleum to a "hold" rating in a report on Friday, February 27th. HSBC boosted their price target on shares of Occidental Petroleum from $59.00 to $68.00 and gave the company a "buy" rating in a report on Friday, March 20th. JPMorgan Chase & Co. reduced their price target on shares of Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Finally, Capital One Financial boosted their price target on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $63.74.

More Occidental Petroleum News

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Several recent articles highlight OXY as an attractive value stock, citing its appealing EV-to-EBITDA ratio and solid earnings outlook, which may be supporting bargain-hunting interest. 5 Value Stocks With Attractive EV-to-EBITDA Ratios to Scoop Up
• Positive Sentiment: Analyst-style coverage says Occidental has outperformed the industry over the past six months, helped by Permian expansion, CrownRock integration gains, and the Bandit discovery, all of which point to improving operating momentum. Occidental Outperforms Industry in the Past Six Months: Buy or Wait?
• Positive Sentiment: OXY was included in a piece on women-run companies viewed as strong investments, adding a small thematic boost to the stock’s visibility. Do Women-Run Companies Make Better Investments? 5 Stocks to Buy

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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