Linscomb Wealth Inc. Sells 16,167 Shares of Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Linscomb Wealth Inc. reduced its stake in Occidental Petroleum by 14.9%, selling 16,167 shares and holding 92,471 shares valued at approximately $4.56 million.
• Analysts have mixed ratings for Occidental Petroleum, with a consensus rating of "Hold" and an average target price of $53.71.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, yielding 2.2%, with an ex-dividend date set for September 10th.

Linscomb Wealth Inc. decreased its holdings in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 14.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,471 shares of the oil and gas producer's stock after selling 16,167 shares during the period. Linscomb Wealth Inc.'s holdings in Occidental Petroleum were worth $4,564,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Occidental Petroleum in the first quarter worth about $1,274,000. Kestra Private Wealth Services LLC boosted its stake in shares of Occidental Petroleum by 5.6% in the first quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock worth $843,000 after acquiring an additional 906 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Occidental Petroleum by 9.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock worth $78,813,000 after acquiring an additional 140,528 shares during the period. Northern Trust Corp boosted its stake in shares of Occidental Petroleum by 7.5% in the fourth quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer's stock worth $349,085,000 after acquiring an additional 491,797 shares during the period. Finally, swisspartners Advisors Ltd bought a new position in shares of Occidental Petroleum in the first quarter worth about $6,006,000. Institutional investors own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

OXY has been the topic of a number of research analyst reports. Piper Sandler boosted their target price on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Stephens decreased their target price on Occidental Petroleum from $60.00 to $58.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Hsbc Global Res upgraded Occidental Petroleum to a "hold" rating in a research report on Wednesday, April 16th. Citigroup boosted 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, Mizuho decreased their target price 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. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Occidental Petroleum has a consensus rating of "Hold" and a consensus target price of $53.71.

Occidental Petroleum Trading Up 1.2%

Shares of NYSE OXY traded up $0.55 during midday trading on Wednesday, hitting $44.70. The company's stock had a trading volume of 8,109,227 shares, compared to its average volume of 10,426,191. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The business's 50 day moving average is $44.06 and its two-hundred day moving average is $44.25. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $58.47. The firm has a market cap of $44.00 billion, a P/E ratio of 26.45 and a beta of 0.91.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly 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. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%. The firm had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same period in the prior year, the business posted $1.03 earnings per share. The company's revenue for the quarter was down 6.1% on a year-over-year basis. As a group, equities research analysts expect that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.1%. Occidental Petroleum's dividend payout ratio is 56.80%.

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.