Lincoln Capital LLC Cuts Stake in Occidental Petroleum Corporation $OXY

Key Points

• Lincoln Capital LLC cut its Occidental Petroleum stake by 49.2% in the first quarter, selling 61,397 shares and leaving it with 63,423 shares valued at about $4.13 million.
• Wall Street sentiment on OXY remains mixed: the stock has a consensus Hold rating with an average target price of $64.48, though several firms still have Buy/Outperform ratings and have recently raised price targets.
• Occidental reported better-than-expected Q1 earnings of $1.06 per share, and the company also announced a quarterly dividend of $0.26 per share, implying a 2.0% annual yield.

Lincoln Capital LLC lowered its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 49.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,423 shares of the oil and gas producer's stock after selling 61,397 shares during the period. Occidental Petroleum makes up approximately 0.8% of Lincoln Capital LLC's portfolio, making the stock its 29th largest position. Lincoln Capital LLC's holdings in Occidental Petroleum were worth $4,128,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Woodline Partners LP boosted its holdings in Occidental Petroleum by 40.7% in the first quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer's stock worth $2,817,000 after purchasing an additional 16,506 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Occidental Petroleum during the 2nd quarter valued at $4,584,000. Federated Hermes Inc. boosted its stake in shares of Occidental Petroleum by 696.7% in the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer's stock worth $1,008,000 after buying an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Occidental Petroleum by 7.4% in the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer's stock worth $4,443,000 after acquiring an additional 7,285 shares during the period. Finally, AXA S.A. increased its position in Occidental Petroleum by 24.3% during the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer's stock valued at $5,740,000 after acquiring an additional 26,741 shares during the last quarter. Institutional investors own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OXY. Weiss Ratings cut Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Wells Fargo & Company increased their price objective on shares of Occidental Petroleum from $69.00 to $72.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Wolfe Research raised their price objective on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Citigroup cut their target price on shares of Occidental Petroleum from $67.00 to $62.00 and set a "neutral" rating for the company in a research report on Friday, April 17th. Finally, HSBC boosted their price objective on shares of Occidental Petroleum from $59.00 to $68.00 and gave the company a "buy" rating in a research report on Friday, March 20th. Ten analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $64.48.

Insider Transactions at Occidental Petroleum

In related news, CEO Richard A. Jackson acquired 4,770 shares of the company's stock in a transaction on Tuesday, June 23rd. The stock was acquired at an average price of $52.38 per share, with a total value of $249,852.60. Following the acquisition, the chief executive officer directly owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.50% of the company's stock.

Occidental Petroleum Price Performance

Shares of NYSE OXY traded up $0.56 during mid-day trading on Friday, reaching $52.87. The company's stock had a trading volume of 6,607,526 shares, compared to its average volume of 9,225,030. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The stock has a fifty day moving average of $55.01 and a two-hundred day moving average of $52.46. The firm has a market capitalization of $52.58 billion, a PE ratio of 13.32 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.46. The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The firm's revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 EPS. As a group, sell-side analysts anticipate that Occidental Petroleum Corporation will post 5.93 EPS for the current fiscal year.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, June 10th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Wednesday, June 10th. Occidental Petroleum's dividend payout ratio (DPR) is presently 26.20%.

Occidental Petroleum Profile

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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