Holowesko Partners Ltd. Lowers Stock Holdings in Occidental Petroleum Corporation $OXY

Key Points

• Holowesko Partners Ltd. cut its Occidental Petroleum stake by 85.4% in the fourth quarter, selling 105,700 shares and leaving it with 18,000 shares worth about $740,000.
• Occidental reported strong earnings for the quarter, posting $1.06 EPS versus the $0.60 consensus, though revenue came in below expectations at $5.11 billion.
• The company declared a quarterly dividend of $0.26 per share, which implies an annualized yield of about 1.8% and a payout ratio of 26.2%.

Holowesko Partners Ltd. reduced its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 85.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,000 shares of the oil and gas producer's stock after selling 105,700 shares during the quarter. Occidental Petroleum comprises 0.3% of Holowesko Partners Ltd.'s investment portfolio, making the stock its 25th biggest holding. Holowesko Partners Ltd.'s holdings in Occidental Petroleum were worth $740,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lighthouse Investment Partners LLC acquired a new stake in Occidental Petroleum during the 3rd quarter worth $22,345,000. DNB Asset Management AS boosted its stake in Occidental Petroleum by 100.3% in the 3rd quarter. DNB Asset Management AS now owns 267,807 shares of the oil and gas producer's stock worth $12,654,000 after purchasing an additional 134,128 shares during the period. Mirabella Financial Services LLP lifted its position in Occidental Petroleum by 154.7% during the 3rd quarter. Mirabella Financial Services LLP now owns 29,566 shares of the oil and gas producer's stock worth $1,394,000 after buying an additional 17,958 shares in the last quarter. National Pension Service raised its holdings in shares of Occidental Petroleum by 13.0% in the 4th quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer's stock valued at $44,589,000 after purchasing an additional 124,879 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Occidental Petroleum by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer's stock valued at $3,696,716,000 after purchasing an additional 699,137 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $56.95 on Monday. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The stock has a market cap of $56.64 billion, a P/E ratio of 14.34 and a beta of 0.14. The company has a 50 day moving average of $58.68 and a 200 day moving average of $50.61.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The business had revenue of $5.11 billion during the quarter, compared to analysts' expectations of $5.44 billion. During the same quarter in the previous year, the company earned $0.14 EPS. The business's quarterly revenue was down 8.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Occidental Petroleum Corporation will post 5.96 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, June 10th. This represents a $1.04 annualized dividend and a yield of 1.8%. Occidental Petroleum's dividend payout ratio is 26.20%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on OXY shares. Susquehanna increased their target price on shares of Occidental Petroleum from $60.00 to $67.00 and gave the stock a "positive" rating in a research report on Tuesday, April 21st. Argus raised shares of Occidental Petroleum to a "hold" rating in a research note on Friday, February 27th. Raymond James Financial lifted their target price on shares of Occidental Petroleum from $64.00 to $75.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. Truist Financial reduced their price target on shares of Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating for the company in a report on Friday, May 8th. Finally, Mizuho lifted their price objective on shares of Occidental Petroleum from $72.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $63.74.

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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