1832 Asset Management L.P. Sells 7,881 Shares of Occidental Petroleum Corporation $OXY

Key Points

• 1832 Asset Management L.P. reduced its holdings in Occidental Petroleum by 15.5%, now owning 42,936 shares valued at approximately $2.12 million.
• Occidental Petroleum has a dividend of $0.24 per share scheduled for October 15th, representing an annualized yield of 2.1%.
• Analysts have set a consensus price target of $54.65 for Occidental Petroleum, with ratings showing 4 Buy, 17 Hold, and 2 Sell recommendations.

1832 Asset Management L.P. lessened its stake in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 15.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,936 shares of the oil and gas producer's stock after selling 7,881 shares during the period. 1832 Asset Management L.P.'s holdings in Occidental Petroleum were worth $2,119,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Norinchukin Bank The lifted its holdings in shares of Occidental Petroleum by 10.2% in the first quarter. Norinchukin Bank The now owns 26,402 shares of the oil and gas producer's stock valued at $1,303,000 after purchasing an additional 2,433 shares in the last quarter. CW Advisors LLC purchased a new stake in shares of Occidental Petroleum in the first quarter valued at $575,000. Summit Financial LLC purchased a new stake in shares of Occidental Petroleum in the first quarter valued at $494,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Occidental Petroleum by 2.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 976,526 shares of the oil and gas producer's stock valued at $48,202,000 after purchasing an additional 21,754 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Occidental Petroleum by 16.6% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 6,129 shares of the oil and gas producer's stock valued at $303,000 after purchasing an additional 873 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Trading Up 1.4%

OXY stock traded up $0.66 during trading on Thursday, hitting $47.53. The company had a trading volume of 7,982,064 shares, compared to its average volume of 10,026,614. The firm has a 50-day moving average price of $44.26 and a 200-day moving average price of $44.07. The stock has a market cap of $46.79 billion, a price-to-earnings ratio of 28.12 and a beta of 0.91. Occidental Petroleum Corporation has a 12 month low of $34.78 and a 12 month high of $57.57. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The business had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $6.29 billion. During the same quarter in the prior year, the company earned $1.03 EPS. The firm's quarterly revenue was down 6.1% on a year-over-year basis. As a group, analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share 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 issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, September 10th. Occidental Petroleum's dividend payout ratio is presently 56.80%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wells Fargo & Company cut their target price on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 15th. Wall Street Zen lowered Occidental Petroleum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Citigroup lifted 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. Morgan Stanley reiterated an "equal weight" rating and issued a $52.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 18th. Finally, Melius started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a "hold" rating and a $64.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of "Hold" and a consensus target price of $54.65.

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.