American Century Companies Inc. Sells 757,034 Shares of Occidental Petroleum Corporation $OXY

Key Points

• American Century Companies Inc. has reduced its stake in Occidental Petroleum by 20.7%, now holding about 2.9 million shares valued at $143.4 million.
• Occidental Petroleum recently declared a quarterly dividend of $0.24 per share, reflecting an annualized yield of 2.2%, with the ex-dividend date set for September 10th.
• Analysts have mixed ratings on the stock, with an average target price of $53.71, where three analysts recommend selling, fourteen suggest holding, and five indicate buying the stock.

American Century Companies Inc. lowered its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 20.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,905,412 shares of the oil and gas producer's stock after selling 757,034 shares during the quarter. American Century Companies Inc. owned about 0.30% of Occidental Petroleum worth $143,411,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Bernard Wealth Management Corp. acquired a new position in shares of Occidental Petroleum in the fourth quarter valued at $32,000. Grove Bank & Trust raised its stake in shares of Occidental Petroleum by 129.2% in the first 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 acquired a new position in shares of Occidental Petroleum in the first quarter valued at $39,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Occidental Petroleum in the first quarter valued at $39,000. Finally, Quarry LP raised its stake in shares of Occidental Petroleum by 615.2% in the fourth 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. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

OXY has been the subject of a number of recent research reports. Piper Sandler upped their target price on Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Wells Fargo & Company lowered their price target on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. Citigroup upped their price target on Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. JPMorgan Chase & Co. upped their price target on Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Finally, Wall Street Zen cut Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Four analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $53.43.

Occidental Petroleum Trading Down 0.6%

Occidental Petroleum stock traded down $0.2550 during mid-day trading on Tuesday, hitting $43.9550. The stock had a trading volume of 7,324,055 shares, compared to its average volume of 9,841,230. The stock has a 50-day simple moving average of $44.19 and a two-hundred day simple moving average of $44.11. The stock has a market capitalization of $43.27 billion, a PE ratio of 26.01 and a beta of 0.91. Occidental Petroleum Corporation has a 12 month low of $34.78 and a 12 month high of $58.47. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84.

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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm's quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.03 earnings per share. As a group, sell-side analysts forecast that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, September 10th will be given 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 dividend yield of 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is currently 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.