Occidental Petroleum Corporation $OXY Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors cut its Occidental Petroleum stake by 41.2% in the first quarter, selling 23,935 shares and retaining 34,158 shares valued at approximately $2.22 million.
• Other institutional investors increased their positions substantially, and institutional ownership now stands at 88.7% of OXY shares.
• Occidental reported adjusted quarterly EPS of $1.06, beating estimates of $0.60, although revenue fell 8.3% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $64.17, while CEO Richard Jackson purchased nearly $250,000 of company stock.

NewEdge Advisors LLC trimmed its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 41.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,158 shares of the oil and gas producer's stock after selling 23,935 shares during the quarter. NewEdge Advisors LLC's holdings in Occidental Petroleum were worth $2,220,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after buying an additional 1,883,721 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Occidental Petroleum by 44.6% in the 1st quarter. Bank of New York Mellon Corp now owns 5,761,082 shares of the oil and gas producer's stock valued at $374,470,000 after acquiring an additional 1,776,922 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Occidental Petroleum by 54.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer's stock valued at $162,820,000 after acquiring an additional 1,393,638 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Occidental Petroleum by 1,029.9% in the third quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer's stock worth $70,580,000 after acquiring an additional 1,361,541 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Occidental Petroleum by 247.0% during the first quarter. Sei Investments Co. now owns 1,734,052 shares of the oil and gas producer's stock worth $112,719,000 after purchasing an additional 1,234,350 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Stock Performance

NYSE OXY opened at $57.03 on Friday. The stock has a market capitalization of $56.73 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 0.81 and a beta of 0.15. The stock has a 50-day moving average of $54.43 and a 200 day moving average of $53.97. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49. Occidental Petroleum Corporation has a twelve month low of $38.80 and a twelve month high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, beating the consensus estimate of $0.60 by $0.46. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.Occidental Petroleum's quarterly revenue was down 8.3% compared to the same quarter last year. During the same period last year, the company earned $0.14 earnings per share. Sell-side analysts anticipate that Occidental Petroleum Corporation will post 5.43 EPS for the current fiscal year.

Analyst Ratings Changes

OXY has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on shares of Occidental Petroleum from $69.00 to $72.00 and gave the company an "overweight" rating in a research report on Thursday, April 9th. Morgan Stanley reduced their price objective on Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a research note on Friday, June 26th. Barclays raised Occidental Petroleum from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $59.00 to $72.00 in a report on Tuesday, May 26th. Wolfe Research upped their target price on Occidental Petroleum from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Finally, Jefferies Financial Group raised their target price on Occidental Petroleum from $47.00 to $58.00 and gave the stock a "hold" rating in a report on Monday, April 13th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $64.17.

Insider Activity

In related news, CEO Richard A. Jackson purchased 4,770 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer owned 444,098 shares of the company's stock, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by company insiders.

Occidental Petroleum Company Profile

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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