Occidental Petroleum Corporation $OXY Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP reduced its stake in Occidental Petroleum by 35.4%, selling 246,537 shares in the first quarter, leaving it with 449,983 shares valued at approximately $22.2 million.
• Analysts have varying ratings for the stock, with the average recommendation being a "Hold" and a consensus price target of $54.65, while some firms like Morgan Stanley and Scotiabank have set price objectives of $52.00 and $45.00 respectively.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, representing a 2.2% yield, with the payment set for October 15th to shareholders on record by September 10th.

Korea Investment CORP lessened its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 35.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 449,983 shares of the oil and gas producer's stock after selling 246,537 shares during the quarter. Korea Investment CORP's holdings in Occidental Petroleum were worth $22,211,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Northern Trust Corp grew its stake in 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 worth $354,180,000 after purchasing an additional 110,378 shares in the last quarter. Brooklyn Investment Group lifted its holdings in Occidental Petroleum by 79.2% in the first quarter. Brooklyn Investment Group now owns 4,610 shares of the oil and gas producer's stock worth $228,000 after acquiring an additional 2,037 shares during the last quarter. Freestone Capital Holdings LLC increased its stake in shares of Occidental Petroleum by 4.2% in the first quarter. Freestone Capital Holdings LLC now owns 7,521 shares of the oil and gas producer's stock valued at $371,000 after purchasing an additional 304 shares during the period. Elevatus Welath Management acquired a new stake in shares of Occidental Petroleum in the first quarter valued at approximately $1,906,000. Finally, Alliance Wealth Advisors LLC UT increased its stake in shares of Occidental Petroleum by 4.4% in the first quarter. Alliance Wealth Advisors LLC UT now owns 7,795 shares of the oil and gas producer's stock valued at $385,000 after purchasing an additional 331 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OXY has been the subject of several recent analyst reports. Morgan Stanley reiterated an "equal weight" rating and issued a $52.00 price objective on shares of Occidental Petroleum in a report on Monday. Scotiabank boosted their price target on shares of Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. Barclays boosted their price objective on shares of Occidental Petroleum from $46.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Wall Street Zen downgraded shares of Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Piper Sandler lifted their target price on shares of Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Four investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $54.65.

Occidental Petroleum Trading Up 0.6%

Shares of OXY opened at $44.2450 on Thursday. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $58.47. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $43.56 billion, a PE ratio of 26.18 and a beta of 0.91. The stock's fifty day simple moving average is $44.18 and its 200-day simple moving average is $44.11.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The firm had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $6.29 billion. During the same period in the previous year, the firm earned $1.03 earnings per share. The company's revenue was down 6.1% on a year-over-year basis. As a group, research analysts predict that Occidental Petroleum Corporation will post 3.58 earnings per share for the current year.

Occidental Petroleum Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum's payout ratio is 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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