Hosking Partners LLP Reduces Stock Position in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Hosking Partners LLP reduced its stake in Occidental Petroleum by 32.5%, now holding 523,911 shares valued at approximately $25.86 million.
• Institutional ownership remains high, with 88.70% of shares held by hedge funds and institutional investors, while several firms have adjusted their positions in the company.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, set to be paid on October 15th, representing an annual yield of 2.2%.

Hosking Partners LLP trimmed its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 32.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 523,911 shares of the oil and gas producer's stock after selling 252,437 shares during the period. Occidental Petroleum makes up approximately 1.1% of Hosking Partners LLP's portfolio, making the stock its 29th biggest position. Hosking Partners LLP owned approximately 0.05% of Occidental Petroleum worth $25,860,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OXY. Altshuler Shaham Ltd bought a new stake in Occidental Petroleum during the 4th quarter worth approximately $26,000. Bernard Wealth Management Corp. purchased a new position in shares of Occidental Petroleum in the 4th quarter worth approximately $32,000. Grove Bank & Trust boosted its stake in shares of Occidental Petroleum by 129.2% in the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after buying an additional 407 shares during the last quarter. American National Bank & Trust purchased a new position in shares of Occidental Petroleum in the 1st quarter worth approximately $39,000. Finally, Quarry LP boosted its stake in shares of Occidental Petroleum by 615.2% in the 4th quarter. Quarry LP now owns 987 shares of the oil and gas producer's stock worth $49,000 after buying an additional 849 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Stock Up 0.8%

OXY traded up $0.37 on Tuesday, hitting $44.08. The company had a trading volume of 8,256,480 shares, compared to its average volume of 12,091,635. 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 Corporation has a 52-week low of $34.78 and a 52-week high of $58.47. The stock has a fifty day simple moving average of $43.98 and a 200-day simple moving average of $44.25. The firm has a market capitalization of $43.39 billion, a P/E ratio of 26.08 and a beta of 0.91.

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

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a $0.24 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is currently 56.80%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on OXY shares. Wall Street Zen downgraded Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday. UBS Group dropped their price objective on Occidental Petroleum from $44.00 to $38.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Barclays upped their price objective on Occidental Petroleum from $46.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Piper Sandler upped their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Mizuho dropped their price objective on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus target price of $53.71.

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.