Gamco Investors INC. ET AL Decreases Position in Occidental Petroleum Corporation $OXY

Key Points

• Gamco Investors INC. ET AL has reduced its holdings in Occidental Petroleum Corporation by 27.6%, now owning 31,164 shares valued at approximately $1.54 million.
• Occidental Petroleum reported a quarterly earnings per share (EPS) of $0.39, exceeding analyst expectations while also experiencing a 6.1% decline in revenue year-over-year.
• The firm declared a quarterly dividend of $0.24 per share, to be paid on October 15th, indicating a 2.0% yield with a payout ratio of 56.80%.

Gamco Investors INC. ET AL lessened its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 27.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,164 shares of the oil and gas producer's stock after selling 11,865 shares during the period. Gamco Investors INC. ET AL's holdings in Occidental Petroleum were worth $1,538,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bernard Wealth Management Corp. purchased a new stake in shares of Occidental Petroleum during the 4th quarter worth $32,000. Grove Bank & Trust lifted its position in shares of Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after purchasing an additional 407 shares during the last quarter. American National Bank & Trust purchased a new stake in shares of Occidental Petroleum during the 1st quarter worth $39,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Occidental Petroleum during the 1st quarter worth $39,000. Finally, Quarry LP lifted its position in shares of Occidental Petroleum by 615.2% during the 4th quarter. Quarry LP now owns 987 shares of the oil and gas producer's stock worth $49,000 after purchasing an additional 849 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Trading Up 0.3%

NYSE OXY opened at $47.65 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. The firm has a market cap of $46.91 billion, a PE ratio of 28.19 and a beta of 0.91. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $57.57. The firm's fifty day moving average is $44.30 and its two-hundred day moving average is $44.06.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The company had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. Occidental Petroleum's quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.03 earnings per share. Analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.0%. Occidental Petroleum's payout ratio is currently 56.80%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on OXY. Mizuho decreased their price objective on shares of Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Melius Research initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price objective for the company. Melius initiated coverage on shares of Occidental Petroleum in a research note on Wednesday, August 20th. They set a "hold" rating and a $64.00 price target on the stock. Piper Sandler lifted their price target on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Citigroup lifted their price target on shares of Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Four investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of "Hold" and a consensus target price of $54.65.

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.

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