HighTower Advisors LLC Decreases Position in Occidental Petroleum Corporation $OXY

Key Points

• HighTower Advisors reduced its Occidental Petroleum stake by 5.1% in the second quarter, selling 34,826 shares and retaining 643,975 shares worth approximately $31.3 million. Institutional investors collectively own 88.7% of OXY.
• Occidental reported strong quarterly results, with EPS of $2.40 versus the $1.83 consensus and revenue of $8.06 billion, up 53.4% year over year. The company also raised its quarterly dividend to $0.28 per share.
• Analyst sentiment remains mixed: OXY has an average “Hold” rating and an average price target of $64.83, compared with shares opening at $60.72.

HighTower Advisors LLC trimmed its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 5.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 643,975 shares of the oil and gas producer's stock after selling 34,826 shares during the quarter. HighTower Advisors LLC owned 0.06% of Occidental Petroleum worth $31,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in OXY. Axiom Investment Management LLC purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at approximately $25,000. Hara Capital LLC acquired a new position in Occidental Petroleum during the 2nd quarter valued at approximately $25,000. GKV Capital Management Co. Inc. purchased a new position in shares of Occidental Petroleum in the first quarter worth $26,000. Portus Wealth Advisors LLC acquired a new stake in shares of Occidental Petroleum during the first quarter worth $29,000. Finally, Caitlin John LLC purchased a new stake in shares of Occidental Petroleum during the fourth quarter valued at $29,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Insider Buying and Selling at Occidental Petroleum

In other news, CEO Richard Jackson bought 4,770 shares of the firm's stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $60.72 on Wednesday. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The stock has a market cap of $60.70 billion, a PE ratio of 9.40, a price-to-earnings-growth ratio of 0.95 and a beta of 0.16. The business has a 50-day simple moving average of $56.56 and a 200-day simple moving average of $56.71.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $7.07 billion. During the same period last year, the company earned $0.39 earnings per share. Occidental Petroleum's revenue for the quarter was up 53.4% compared to the same quarter last year. On average, equities analysts expect that Occidental Petroleum Corporation will post 6.11 EPS for the current year.

Occidental Petroleum Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is 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 16.10%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on OXY shares. Truist Financial upped their target price on Occidental Petroleum from $57.00 to $63.00 and gave the company a "hold" rating in a research report on Monday, August 10th. Stephens dropped their price target on Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 14th. Seaport Research Partners assumed coverage on Occidental Petroleum in a report on Thursday, September 3rd. They issued a "buy" rating and a $73.00 price objective on the stock. Citigroup reduced their price objective on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, July 17th. Finally, The Goldman Sachs Group decreased their target price on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company's stock. Based on data from MarketBeat, Occidental Petroleum currently has an average rating of "Hold" and an average target price of $64.83.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.

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