Occidental Petroleum Corporation $OXY Holdings Trimmed by Corecam AG

Key Points

• Corecam AG cut its Occidental Petroleum stake by 38.9% in the third quarter, selling 17,790 shares and retaining 27,960 shares valued at approximately $1.55 million. Institutional investors collectively own 88.7% of OXY.
• Occidental reported strong quarterly results, with EPS of $2.40 versus the $1.83 consensus and revenue of $8.06 billion, up 53.4% year over year. The company also declared a quarterly dividend of $0.28 per share, implying a 1.7% annualized yield.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $67.88, compared with a recent price of $64.01.

Corecam AG lowered its position in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 38.9% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,960 shares of the oil and gas producer's stock after selling 17,790 shares during the quarter. Occidental Petroleum comprises 1.5% of Corecam AG's holdings, making the stock its 25th biggest position. Corecam AG's holdings in Occidental Petroleum were worth $1,547,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Axiom Investment Management LLC acquired a new stake in Occidental Petroleum in the 1st quarter worth about $25,000. GKV Capital Management Co. Inc. acquired a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $26,000. William Mack & Associates Inc. acquired a new position in shares of Occidental Petroleum during the 3rd quarter worth approximately $27,000. Hara Capital LLC bought a new position in shares of Occidental Petroleum during the second quarter worth approximately $25,000. Finally, Ballast Advisors LLC bought a new position in shares of Occidental Petroleum during the first quarter worth approximately $39,000. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Price Performance

OXY stock opened at $64.01 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The firm has a market cap of $63.99 billion, a P/E ratio of 9.91, a P/E/G ratio of 0.74 and a beta of 0.24. The company's 50-day moving average price is $60.18 and its two-hundred day moving average price is $55.91.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The company had revenue of $8.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. During the same period in the previous year, the company earned $0.39 EPS. The business's revenue for the quarter was up 53.4% compared to the same quarter last year. On average, analysts anticipate that Occidental Petroleum Corporation will post 6.81 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 10th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, December 10th. Occidental Petroleum's payout ratio is currently 17.34%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Occidental Petroleum from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 10th. Morgan Stanley raised their price objective on Occidental Petroleum from $69.00 to $71.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 15th. UBS Group raised their price objective on Occidental Petroleum from $67.00 to $73.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 14th. Roth Capital raised Occidental Petroleum from a "neutral" rating to a "buy" rating and set a $70.00 price objective for the company in a report on Friday, October 16th. Finally, Stephens upped their target price on Occidental Petroleum from $78.00 to $80.00 and gave the company an "overweight" rating in a research report on Monday, October 19th. Twelve analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $67.88.

Occidental Petroleum Profile

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company's OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.

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