Occidental Petroleum Corporation (NYSE:OXY) Shares Sold by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp decreased its stake in Occidental Petroleum by 45.4%, holding 43,000 shares worth approximately $2.12 million after selling 35,700 shares in Q1.
• Occidental Petroleum reported a quarterly EPS of $0.87, exceeding estimates by $0.13, while its quarterly revenue was $6.80 billion, slightly below analyst expectations of $6.97 billion.
• The company will pay a $0.24 quarterly dividend on October 15, representing a dividend yield of 2.2% and a payout ratio of 39.02%.

Alberta Investment Management Corp reduced its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 45.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 43,000 shares of the oil and gas producer's stock after selling 35,700 shares during the quarter. Alberta Investment Management Corp's holdings in Occidental Petroleum were worth $2,122,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in OXY. Altshuler Shaham Ltd purchased a new stake in Occidental Petroleum in the 4th quarter valued at $26,000. Bernard Wealth Management Corp. purchased a new stake in Occidental Petroleum in the 4th quarter valued at $32,000. Grove Bank & Trust grew 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 buying an additional 407 shares in the last quarter. American National Bank & Trust purchased a new stake in Occidental Petroleum in the 1st quarter valued at $39,000. Finally, Quarry LP grew 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 buying an additional 849 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Stock Performance

NYSE OXY opened at $43.38 on Monday. The stock has a 50-day moving average of $43.73 and a two-hundred day moving average of $44.56. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.01 and a quick ratio of 0.79. The company has a market cap of $42.69 billion, a P/E ratio of 17.63 and a beta of 0.91. Occidental Petroleum Corporation has a 1-year low of $34.78 and a 1-year high of $59.31.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.13. The business had revenue of $6.80 billion during the quarter, compared to analysts' expectations of $6.97 billion. Occidental Petroleum had a return on equity of 16.60% and a net margin of 11.20%. The business's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. As a group, analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's dividend payout ratio (DPR) is presently 39.02%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Piper Sandler upped their target price on Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Barclays raised their price objective on Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Stephens cut their price objective on Occidental Petroleum from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. TD Cowen downgraded Occidental Petroleum from a "buy" rating to a "hold" rating and cut their price objective for the stock from $68.00 to $45.00 in a research report on Tuesday, April 8th. Finally, Mizuho cut their price objective on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus target price of $53.71.

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.

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