KLP Kapitalforvaltning AS Cuts Holdings in Occidental Petroleum Corporation $OXY

Key Points

• KLP Kapitalforvaltning AS reduced its holdings in Occidental Petroleum Corporation by 3.7%, selling 6,600 shares and ending the quarter with 171,350 shares valued at approximately $7.23 million.
• Occidental Petroleum reported a quarterly earnings per share (EPS) of $0.39, surpassing analysts' expectations of $0.38, but the company's revenue fell 6.1% year-over-year to $6.41 billion.
• The company declared a quarterly dividend of $0.24 per share, which will yield 2.2% annually, with a payout ratio of 56.80%.

KLP Kapitalforvaltning AS trimmed its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 3.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 171,350 shares of the oil and gas producer's stock after selling 6,600 shares during the period. KLP Kapitalforvaltning AS's holdings in Occidental Petroleum were worth $7,233,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Mraz Amerine & Associates Inc. boosted its stake in Occidental Petroleum by 11.5% during the 2nd quarter. Mraz Amerine & Associates Inc. now owns 125,774 shares of the oil and gas producer's stock valued at $5,284,000 after purchasing an additional 12,973 shares during the last quarter. Capital Advisors Inc. OK boosted its stake in shares of Occidental Petroleum by 153.9% in the 2nd quarter. Capital Advisors Inc. OK now owns 15,925 shares of the oil and gas producer's stock worth $669,000 after buying an additional 9,652 shares during the last quarter. Valeo Financial Advisors LLC boosted its stake in shares of Occidental Petroleum by 10.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 14,014 shares of the oil and gas producer's stock worth $589,000 after buying an additional 1,358 shares during the last quarter. OLD National Bancorp IN boosted its stake in shares of Occidental Petroleum by 35.1% in the 2nd quarter. OLD National Bancorp IN now owns 6,934 shares of the oil and gas producer's stock worth $291,000 after buying an additional 1,800 shares during the last quarter. Finally, 111 Capital purchased a new position in shares of Occidental Petroleum in the 2nd quarter worth $1,930,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

Shares of Occidental Petroleum stock opened at $44.50 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. The stock's fifty day moving average is $45.64 and its 200 day moving average is $43.74. The stock has a market cap of $43.80 billion, a P/E ratio of 26.33 and a beta of 0.95. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $55.24.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, beating analysts' consensus estimates 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 quarterly revenue was down 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.03 earnings per share. Sell-side analysts anticipate that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is currently 56.80%.

Wall Street Analyst Weigh In

OXY has been the topic of a number of research reports. Wall Street Zen downgraded Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. UBS Group dropped their price target on Occidental Petroleum from $46.00 to $45.00 and set a "neutral" rating on the stock in a research note on Friday, October 3rd. Piper Sandler raised their price target on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. HSBC upgraded Occidental Petroleum from a "hold" rating to a "buy" rating and raised their price target for the stock from $48.00 to $55.00 in a research note on Friday, October 3rd. Finally, Roth Capital raised their target price on Occidental Petroleum from $45.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus target price of $52.52.

Occidental Petroleum 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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