Invesco Ltd. Sells 206,295 Shares of Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Invesco Ltd. reduced its stake in Occidental Petroleum by 3.2%, selling 206,295 shares and now holding approximately 6.15 million shares valued at $303.63 million.
• Analysts have adjusted their target prices for Occidental Petroleum, with Wells Fargo lowering it to $46.00, while Mizuho set a target of $58.00, indicating mixed sentiments on the stock.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, which translates to an annual yield of 2.2%, and will be paid on October 15th.

Invesco Ltd. cut its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 3.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,151,394 shares of the oil and gas producer's stock after selling 206,295 shares during the quarter. Invesco Ltd. owned about 0.63% of Occidental Petroleum worth $303,633,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Occidental Petroleum by 20.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,631 shares of the oil and gas producer's stock valued at $81,000 after acquiring an additional 274 shares in the last quarter. World Investment Advisors increased its holdings in shares of Occidental Petroleum by 6.6% during the first quarter. World Investment Advisors now owns 4,912 shares of the oil and gas producer's stock valued at $242,000 after acquiring an additional 306 shares in the last quarter. Koshinski Asset Management Inc. boosted its position in shares of Occidental Petroleum by 1.0% during the first quarter. Koshinski Asset Management Inc. now owns 32,736 shares of the oil and gas producer's stock valued at $1,616,000 after buying an additional 309 shares during the last quarter. Seaview Investment Managers LLC boosted its position in shares of Occidental Petroleum by 6.8% during the fourth quarter. Seaview Investment Managers LLC now owns 4,891 shares of the oil and gas producer's stock valued at $242,000 after buying an additional 310 shares during the last quarter. Finally, Aaron Wealth Advisors LLC boosted its position in shares of Occidental Petroleum by 4.9% during the first quarter. Aaron Wealth Advisors LLC now owns 6,663 shares of the oil and gas producer's stock valued at $329,000 after buying an additional 310 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Price Performance

OXY traded down $0.16 on Friday, hitting $44.61. 8,755,868 shares of the company's stock traded hands, compared to its average volume of 9,930,384. The company's 50 day simple moving average is $44.17 and its 200-day simple moving average is $44.19. The firm has a market cap of $43.92 billion, a price-to-earnings ratio of 26.40 and a beta of 0.91. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $58.47. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84.

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

Occidental Petroleum Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. 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 report on Tuesday, May 13th. Barclays increased their price objective on Occidental Petroleum from $46.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. raised their target price on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Citigroup raised their target price on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. Finally, Wall Street Zen cut Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $53.71.

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.