Mizuho Securities USA LLC Cuts Position in Occidental Petroleum Corporation (NYSE:OXY)

Key Points

• Mizuho Securities USA LLC has reduced its stake in Occidental Petroleum by 15.5%, now holding 54,096 shares worth approximately $2.67 million.
• Despite Mizuho's reduction, other institutional investors like Vanguard Group and Berkshire Hathaway have increased their stakes in Occidental, with Vanguard raising its position by 17.8% in the first quarter.
• Occidental Petroleum recently reported earnings per share of $0.39, exceeding analyst expectations, alongside a announced dividend of $0.24, reflecting a 2.2% yield.

Mizuho Securities USA LLC lowered its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 15.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 54,096 shares of the oil and gas producer's stock after selling 9,936 shares during the period. Mizuho Securities USA LLC's holdings in Occidental Petroleum were worth $2,670,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd purchased a new position in Occidental Petroleum in the 4th quarter valued at $26,000. Bernard Wealth Management Corp. purchased a new position in Occidental Petroleum in the 4th quarter valued at $32,000. Grove Bank & Trust lifted its holdings in 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 Occidental Petroleum in the 1st quarter valued at $39,000. Finally, Quarry LP lifted its holdings in Occidental Petroleum by 615.2% in the 4th quarter. Quarry LP now owns 987 shares of the oil and gas producer's stock valued at $49,000 after purchasing an additional 849 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Analysts Set New Price Targets

OXY has been the subject of a number of recent research reports. Scotiabank raised their target price on Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Hsbc Global Res raised Occidental Petroleum to a "hold" rating in a research report on Wednesday, April 16th. Wall Street Zen cut Occidental Petroleum from a "hold" rating to a "sell" rating in a report on Saturday. Susquehanna lowered their price objective on Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. Finally, Citigroup boosted their price objective on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of "Hold" and an average price target of $53.71.

Occidental Petroleum Stock Performance

Shares of NYSE OXY traded up $0.55 during mid-day trading on Wednesday, hitting $44.70. 8,109,227 shares of the company were exchanged, compared to its average volume of 10,426,191. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The stock has a 50 day simple moving average of $44.01 and a 200-day simple moving average of $44.25. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $58.47. The firm has a market cap of $44.00 billion, a price-to-earnings 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 during the quarter, compared to the consensus estimate of $6.29 billion. During the same period last year, the company earned $1.03 earnings per share. The company's revenue for the quarter was down 6.1% on a year-over-year basis. On average, sell-side analysts forecast 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. Shareholders of record on Wednesday, September 10th will be given a $0.24 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 annualized dividend and a yield of 2.1%. Occidental Petroleum's dividend payout ratio is presently 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.