Kovitz Investment Group Partners LLC Lowers Stock Holdings in Occidental Petroleum Corporation $OXY

Key Points

• Kovitz Investment Group Partners LLC reduced its stake in Occidental Petroleum by 21.7%, owning 80,301 shares after selling 22,311 shares in the first quarter.
• Occidental Petroleum recently reported $0.39 earnings per share, surpassing expectations, with a revenue of $6.41 billion, but down 6.1% compared to the same period last year.
• The company declared a quarterly dividend of $0.24 per share, resulting in a 2.2% dividend yield, payable on October 15th to investors of record on September 10th.

Kovitz Investment Group Partners LLC lessened its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 21.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 80,301 shares of the oil and gas producer's stock after selling 22,311 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Occidental Petroleum were worth $3,964,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Bernard Wealth Management Corp. acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at about $32,000. Grove Bank & Trust lifted its holdings in shares of 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 during the period. American National Bank & Trust purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at about $39,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at about $39,000. Finally, Quarry LP increased its stake in shares of 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. Institutional investors and hedge funds own 88.70% of the company's stock.

Occidental Petroleum Stock Down 0.6%

NYSE:OXY traded down $0.2550 during trading hours on Tuesday, hitting $43.9550. The company's stock had a trading volume of 7,324,055 shares, compared to its average volume of 9,841,230. The stock has a market capitalization of $43.27 billion, a P/E ratio of 26.01 and a beta of 0.91. The stock has a fifty day moving average of $44.19 and a 200-day moving average of $44.11. 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 Corporation has a 52-week low of $34.78 and a 52-week high of $58.47.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business's quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.03 earnings per share. On average, equities analysts forecast that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

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 given a $0.24 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

Analyst Ratings Changes

OXY has been the subject of several recent analyst reports. Wall Street Zen lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Piper Sandler boosted their price objective on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Citigroup boosted their price objective on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Wells Fargo & Company cut their price objective on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 15th. Finally, Barclays upped their price target on Occidental Petroleum from $46.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Four equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $53.43.

Occidental Petroleum Profile

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.