J. Safra Sarasin Holding AG Cuts Holdings in Occidental Petroleum Corporation $OXY

Key Points

• J. Safra Sarasin Holding AG reduced its holdings in Occidental Petroleum Corporation by 27.1% in Q2, selling 63,971 shares and now owning 171,725 shares valued at $7.2 million.
• Occidental Petroleum reported $0.39 earnings per share for the last quarter, slightly beating analysts' estimates, while the company also disclosed a quarterly dividend of $0.24 per share.
• The stock of Occidental Petroleum has seen a decline of 7.1%, trading around $44.32, and has a consensus target price of $53.95 among analysts.

J. Safra Sarasin Holding AG cut its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 27.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 171,725 shares of the oil and gas producer's stock after selling 63,971 shares during the period. J. Safra Sarasin Holding AG's holdings in Occidental Petroleum were worth $7,214,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Occidental Petroleum by 17.8% during the 1st quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock worth $3,960,202,000 after acquiring an additional 12,107,285 shares in the last quarter. H&H International Investment LLC raised its stake in Occidental Petroleum by 1.8% during the first quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer's stock valued at $682,456,000 after purchasing an additional 249,100 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Occidental Petroleum by 9.6% during the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock valued at $401,162,000 after purchasing an additional 710,220 shares during the last quarter. Northern Trust Corp grew its stake in shares of Occidental Petroleum by 1.6% in the 1st quarter. Northern Trust Corp now owns 7,175,439 shares of the oil and gas producer's stock worth $354,180,000 after buying an additional 110,378 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Occidental Petroleum by 4.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,432,722 shares of the oil and gas producer's stock valued at $218,799,000 after buying an additional 195,742 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Down 7.1%

Shares of OXY opened at $44.32 on Friday. The firm has a market capitalization of $43.63 billion, a P/E ratio of 26.22 and a beta of 0.95. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $56.49. The firm has a fifty day moving average price of $45.62 and a 200-day moving average price of $43.84. 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 released its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm's quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. Equities research analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on OXY shares. Morgan Stanley reissued an "equal weight" rating and set a $52.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 18th. Melius Research initiated coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They set a "hold" rating and a $64.00 target price on the stock. Scotiabank raised their price target on Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. boosted their price objective on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Finally, Piper Sandler raised their target price on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Four equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $53.95.

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.

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