Occidental Petroleum Corporation $OXY Shares Sold by Clear Harbor Asset Management LLC

Key Points

• Clear Harbor Asset Management cut its Occidental Petroleum stake by 78.5% in the fourth quarter, selling 21,565 shares and leaving it with 5,900 shares worth about $243,000.
• Wall Street sentiment is mixed but generally cautious: Occidental has a consensus Hold rating with a $63.74 average price target, though several analysts recently raised their targets and one upgraded the stock.
• Occidental reported better-than-expected earnings of $1.06 per share for the latest quarter, and the company also announced a quarterly dividend of $0.26 per share, yielding about 1.8% annually.

Clear Harbor Asset Management LLC decreased its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 78.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,900 shares of the oil and gas producer's stock after selling 21,565 shares during the quarter. Clear Harbor Asset Management LLC's holdings in Occidental Petroleum were worth $243,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OXY. Carrera Capital Advisors increased its position in shares of Occidental Petroleum by 0.5% in the 4th quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer's stock valued at $1,831,000 after purchasing an additional 227 shares during the last quarter. Apella Capital LLC grew its stake in shares of Occidental Petroleum by 3.4% during the fourth quarter. Apella Capital LLC now owns 7,019 shares of the oil and gas producer's stock worth $289,000 after purchasing an additional 233 shares in the last quarter. Jamison Private Wealth Management Inc. increased its holdings in Occidental Petroleum by 1.8% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 13,934 shares of the oil and gas producer's stock valued at $573,000 after buying an additional 249 shares during the last quarter. Woodward Diversified Capital LLC raised its stake in Occidental Petroleum by 4.2% in the fourth quarter. Woodward Diversified Capital LLC now owns 6,652 shares of the oil and gas producer's stock valued at $274,000 after buying an additional 270 shares in the last quarter. Finally, Independent Advisor Alliance lifted its holdings in Occidental Petroleum by 1.1% during the 4th quarter. Independent Advisor Alliance now owns 26,092 shares of the oil and gas producer's stock worth $1,073,000 after buying an additional 276 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

OXY has been the topic of a number of recent analyst reports. Jefferies Financial Group increased their price objective on Occidental Petroleum from $47.00 to $58.00 and gave the company a "hold" rating in a report on Monday, April 13th. Wolfe Research upped their price target on Occidental Petroleum from $67.00 to $70.00 and gave the company an "outperform" rating in a report on Monday, April 6th. Morgan Stanley increased their price target on shares of Occidental Petroleum from $73.00 to $74.00 and gave the company an "equal weight" rating in a research note on Thursday, May 21st. Roth Mkm raised their price objective on shares of Occidental Petroleum from $45.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Finally, Wall Street Zen upgraded shares of Occidental Petroleum from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $63.74.

Occidental Petroleum Stock Up 0.3%

OXY stock opened at $59.13 on Wednesday. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. The company has a market cap of $58.81 billion, a price-to-earnings ratio of 14.89 and a beta of 0.14. The company has a fifty day moving average price of $58.87 and a 200 day moving average price of $50.15.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.46. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.44 billion. During the same period in the previous year, the business posted $0.14 earnings per share. Occidental Petroleum's quarterly revenue was down 8.3% on a year-over-year basis. Sell-side analysts expect that Occidental Petroleum Corporation will post 5.5 earnings per share for the current year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, June 10th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.04 annualized dividend and a yield of 1.8%. Occidental Petroleum's dividend payout ratio is currently 26.20%.

Key Headlines Impacting Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Barclays upgraded Occidental Petroleum (OXY) from Equal Weight to Overweight and raised its price target, signaling improved Wall Street confidence in the stock.
• Positive Sentiment: OXY was added to the Zacks Rank #1 (Strong Buy) list, and it also appeared on Zacks’ best income stocks list, which may be encouraging momentum and income-focused investors.
• Positive Sentiment: Recent commentary from Jim Cramer calling Occidental his “second top oil stock” is adding to the upbeat sentiment around the shares.
• Positive Sentiment: One catalyst for the stock’s recent strength is rising oil prices, which can lift expectations for Occidental’s upstream earnings and cash flow.
• Neutral Sentiment: Zacks.com traffic and “trending stock” coverage suggest investors are paying closer attention to OXY, but this is more of a sentiment signal than a fundamental update.
• Neutral Sentiment: Analyst report coverage noted Occidental as a candidate for a better entry point, which may imply valuation is still a consideration despite the positive backdrop.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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