Occidental Petroleum Corporation $OXY Shares Sold by Dodge & Cox

Key Points

• Dodge & Cox reduced its stake in Occidental Petroleum by 4.1%, now holding approximately 80.8 million shares, which represents 2.3% of its investment portfolio.
• Several hedge funds, including OVERSEA CHINESE BANKING Corp and Kestra Private Wealth Services, have made significant changes to their positions in Occidental Petroleum, indicating a diverse institutional interest in the stock.
• Occidental Petroleum has announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.1%, set to be paid on October 15th.

Dodge & Cox trimmed its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 4.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,839,070 shares of the oil and gas producer's stock after selling 3,416,252 shares during the period. Occidental Petroleum comprises 2.3% of Dodge & Cox's investment portfolio, making the stock its 10th biggest holding. Dodge & Cox owned approximately 8.21% of Occidental Petroleum worth $3,990,216,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Occidental Petroleum in the 1st quarter valued at approximately $1,274,000. Kestra Private Wealth Services LLC lifted its position in shares of Occidental Petroleum by 5.6% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer's stock valued at $843,000 after acquiring an additional 906 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Occidental Petroleum by 9.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer's stock valued at $78,813,000 after acquiring an additional 140,528 shares during the period. Northern Trust Corp lifted its position in shares of Occidental Petroleum by 7.5% during the 4th quarter. Northern Trust Corp now owns 7,065,061 shares of the oil and gas producer's stock valued at $349,085,000 after acquiring an additional 491,797 shares during the period. Finally, swisspartners Advisors Ltd acquired a new stake in shares of Occidental Petroleum during the 1st quarter valued at approximately $6,006,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on OXY. Melius Research began coverage on shares of Occidental Petroleum in a research report on Wednesday. They set a "hold" rating and a $64.00 price target for the company. UBS Group lifted their price target on shares of Occidental Petroleum from $42.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday. Citigroup lifted their price target on shares of Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. Scotiabank lifted their price target on shares of Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Friday, July 11th. Finally, Mizuho cut their price objective on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Four equities 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. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $54.65.

Occidental Petroleum Stock Up 2.6%

OXY stock opened at $45.7340 on Friday. The stock has a market capitalization of $45.02 billion, a P/E ratio of 27.06 and a beta of 0.91. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. Occidental Petroleum Corporation has a one year low of $34.78 and a one year high of $58.47. The company has a 50 day moving average price of $44.16 and a two-hundred day moving average price of $44.08.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its 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 during the quarter, compared to analysts' expectations of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. Occidental Petroleum's revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. As a group, sell-side analysts expect that Occidental Petroleum Corporation will post 3.58 EPS for the current year.

Occidental Petroleum Announces Dividend

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 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 2.1%. Occidental Petroleum's payout ratio is currently 56.80%.

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.

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