Occidental Petroleum Corporation $OXY Shares Sold by PensionDanmark Pensionsforsikringsaktieselskab

Key Points

• PensionDanmark cut its Occidental Petroleum stake by 41% in the second quarter, selling 25,097 shares and retaining 36,185 shares valued at approximately $1.76 million. Institutional investors collectively own 88.7% of OXY.
• Occidental reported strong quarterly results, with adjusted earnings of $2.40 per share and revenue of $8.06 billion, exceeding analyst expectations; revenue rose 53.4% year over year.
• The company increased its quarterly dividend from $0.26 to $0.28 per share, equivalent to a $1.12 annualized payout and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $64.87.

PensionDanmark Pensionsforsikringsaktieselskab reduced its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 41.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,185 shares of the oil and gas producer's stock after selling 25,097 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab's holdings in Occidental Petroleum were worth $1,758,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OXY. Woodline Partners LP increased its position in shares of Occidental Petroleum by 40.7% during the first quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer's stock worth $2,817,000 after purchasing an additional 16,506 shares in the last quarter. Marshall Wace LLP purchased a new position in Occidental Petroleum during the 2nd quarter worth approximately $4,584,000. Federated Hermes Inc. grew its stake in Occidental Petroleum by 696.7% during the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer's stock worth $1,008,000 after buying an additional 20,985 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Occidental Petroleum by 7.4% during the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer's stock worth $4,443,000 after buying an additional 7,285 shares during the period. Finally, AXA S.A. lifted its stake in Occidental Petroleum by 24.3% in the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer's stock valued at $5,740,000 after buying an additional 26,741 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Trading Up 4.7%

Shares of Occidental Petroleum stock opened at $58.52 on Tuesday. The firm has a market cap of $58.50 billion, a price-to-earnings ratio of 9.06, a price-to-earnings-growth ratio of 0.82 and a beta of 0.15. Occidental Petroleum Corporation has a 52-week low of $38.80 and a 52-week high of $67.45. The company's 50-day simple moving average is $54.20 and its 200-day simple moving average is $54.59. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The firm's revenue for the quarter was up 53.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Occidental Petroleum Corporation will post 5.38 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's payout ratio is 16.10%.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson acquired 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 completion of the acquisition, the chief executive officer directly owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of Occidental Petroleum from $64.00 to $63.00 in a research report on Thursday, May 7th. Jefferies Financial Group upped their price target on shares of Occidental Petroleum from $47.00 to $58.00 and gave the company a "hold" rating in a research report on Monday, April 13th. Wells Fargo & Company increased their price target on shares of Occidental Petroleum from $72.00 to $79.00 and gave the stock an "overweight" rating in a research note on Friday. Weiss Ratings lowered shares of Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Finally, The Goldman Sachs Group reduced their target price on shares of Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Ten analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $64.87.

Occidental Petroleum 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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