Corebridge Financial Inc. Sells 34,253 Shares of Occidental Petroleum Corporation $OXY

Key Points

• Corebridge Financial Inc. has reduced its stake in Occidental Petroleum by 18% during the first quarter, now holding 155,733 shares valued at approximately $7.69 million.
• Other major investors, including Vanguard Group Inc. and Berkshire Hathaway Inc., have increased their positions in Occidental, demonstrating continued interest from institutional investors.
• Occidental Petroleum recently declared a quarterly dividend of $0.24, with a current dividend yield of 2.0%, and has reported earnings per share of $0.39, beating estimates slightly.

Corebridge Financial Inc. lessened its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 18.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 155,733 shares of the oil and gas producer's stock after selling 34,253 shares during the quarter. Corebridge Financial Inc.'s holdings in Occidental Petroleum were worth $7,687,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Berkshire Hathaway Inc boosted its position in shares of Occidental Petroleum by 3.5% in the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer's stock valued at $13,053,055,000 after acquiring an additional 8,896,890 shares during the period. Vanguard Group Inc. boosted its position in shares of Occidental Petroleum by 17.8% in the first quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock valued at $3,960,202,000 after acquiring an additional 12,107,285 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Occidental Petroleum by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock valued at $401,162,000 after acquiring an additional 710,220 shares during the period. Northern Trust Corp boosted its position in shares of Occidental Petroleum by 1.6% in the first quarter. Northern Trust Corp now owns 7,175,439 shares of the oil and gas producer's stock valued at $354,180,000 after acquiring an additional 110,378 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Occidental Petroleum by 4.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,432,722 shares of the oil and gas producer's stock valued at $218,799,000 after acquiring an additional 195,742 shares during the period. Institutional investors own 88.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on OXY shares. Piper Sandler raised their price objective on shares of Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Mizuho cut their price objective on shares of Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. UBS Group raised their price objective on shares of Occidental Petroleum from $42.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Melius Research assumed coverage on shares of Occidental Petroleum in a research note on Wednesday, August 20th. They issued a "hold" rating and a $64.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their target price on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Four investment analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $54.65.

Occidental Petroleum Price Performance

Shares of OXY stock traded up $0.14 during trading hours on Monday, hitting $47.65. 5,793,572 shares of the company's stock were exchanged, compared to its average volume of 9,574,829. The company has a market capitalization of $46.91 billion, a PE ratio of 28.19 and a beta of 1.04. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $57.57. The business's 50 day simple moving average is $44.30 and its 200-day simple moving average is $44.01. 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 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The business's revenue was down 6.1% compared to the same quarter last year. During the same period last year, the firm posted $1.03 earnings per share. On average, equities research analysts anticipate that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. Occidental Petroleum's dividend payout ratio (DPR) is 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.