Jeppson Wealth Management LLC Cuts Position in Occidental Petroleum Corporation $OXY

Key Points

• Jeppson Wealth Management LLC reduced its shareholding in Occidental Petroleum by 28.1% in the second quarter, owning 31,402 shares after selling 12,270 shares.
• Equities research analysts have issued new price targets for Occidental Petroleum, with Mizuho lowering their target from $65.00 to $58.00 and Wells Fargo reducing it from $47.00 to $46.00, indicating a generally cautious outlook.
• Occidental Petroleum has announced a quarterly dividend of $0.24 per share, which translates to an annual yield of 2.0% and will be paid on October 15th.

Jeppson Wealth Management LLC lessened its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 28.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,402 shares of the oil and gas producer's stock after selling 12,270 shares during the period. Jeppson Wealth Management LLC's holdings in Occidental Petroleum were worth $1,319,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of OXY. Grove Bank & Trust increased 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 valued at $36,000 after purchasing an additional 407 shares in the last quarter. American National Bank & Trust purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at about $39,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at about $39,000. Spectrum Wealth Counsel LLC increased its stake in shares of Occidental Petroleum by 5,000.0% in the 1st quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer's stock valued at $50,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Ransom Advisory Ltd purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at about $54,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Mizuho lowered their price objective on Occidental Petroleum from $65.00 to $58.00 and set a "neutral" rating on the stock in a report on Monday, September 15th. Morgan Stanley reiterated an "equal weight" rating and issued a $52.00 price objective on shares of Occidental Petroleum in a report on Monday, August 18th. Wells Fargo & Company lowered their price objective on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 15th. Piper Sandler lifted their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Melius assumed coverage on Occidental Petroleum in a report on Wednesday, August 20th. They issued a "hold" rating and a $64.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Occidental Petroleum currently has an average rating of "Hold" and an average price target of $54.70.

Occidental Petroleum Trading Up 0.9%

Shares of Occidental Petroleum stock opened at $46.84 on Thursday. The stock has a market cap of $46.11 billion, a P/E ratio of 27.72 and a beta of 1.04. The stock's 50 day simple moving average is $45.24 and its 200-day simple moving average is $43.82. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $56.49. 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 (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 for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $6.41 billion for the quarter, compared to analysts' expectations of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 EPS. Analysts predict that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 2.0%. Occidental Petroleum's dividend payout ratio is currently 56.80%.

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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