Occidental Petroleum Corporation $OXY Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Occidental Petroleum stake by 1.6%, selling 27,027 shares and retaining 1.66 million shares valued at approximately $91.8 million. Institutional investors and hedge funds collectively own 88.7% of OXY.
• Occidental’s latest quarterly results exceeded expectations, with EPS of $2.40 versus the $1.83 consensus and revenue of $8.06 billion, up 53.4% year over year. Analysts expect earnings growth in the upcoming report, though the stock has weakened ahead of the results.
• OXY shares were trading down 5.2%, while analysts maintained a broadly neutral outlook: the stock has a consensus “Hold” rating and an average price target of $67.88. Occidental also declared a quarterly dividend of $0.28, equivalent to a 1.8% annual yield.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,659,317 shares of the oil and gas producer's stock after selling 27,027 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.17% of Occidental Petroleum worth $91,793,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Berkshire Hathaway Inc acquired a new position in shares of Occidental Petroleum in the 2nd quarter valued at $12,868,205,000. State Street Corp raised its holdings in Occidental Petroleum by 6.6% during the 2nd quarter. State Street Corp now owns 46,141,269 shares of the oil and gas producer's stock worth $2,252,271,000 after buying an additional 2,870,472 shares during the period. Bank of New York Mellon Corp raised its holdings in Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock worth $516,975,000 after buying an additional 4,882,834 shares during the period. Danske Bank A S purchased a new stake in Occidental Petroleum during the second quarter valued at about $172,413,000. Finally, Legal & General Group Plc purchased a new stake in Occidental Petroleum during the second quarter valued at about $168,860,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Key Occidental Petroleum News

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Analysts expect Occidental’s earnings to grow in the upcoming report, with Zacks highlighting favorable earnings estimates and estimate revisions that could support a potential earnings beat. Occidental Petroleum Earnings Expected to Grow
• Neutral Sentiment: Value-focused coverage continues to assess OXY as an investment candidate and compares it with DT Midstream. The articles emphasize valuation and market factors but do not introduce a new catalyst or change to Occidental’s outlook. Should Value Investors Buy Occidental Petroleum Stock
• Negative Sentiment: Occidental’s stock has slipped before the November earnings “test,” indicating investor caution ahead of results. The report will need to validate expectations for earnings growth and provide confidence on the company’s operating outlook; any shortfall could add pressure. Occidental Petroleum Stock Slips Before November Earnings Test

Occidental Petroleum Trading Down 5.2%

NYSE:OXY opened at $60.66 on Tuesday. The stock has a market cap of $60.64 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 0.73 and a beta of 0.24. Occidental Petroleum Corporation has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The stock's 50-day moving average is $60.17 and its two-hundred day moving average is $56.00.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The business had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. The firm's revenue was up 53.4% compared to the same quarter last year. As a group, equities research analysts forecast that Occidental Petroleum Corporation will post 6.81 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 10th will be given a $0.28 dividend. The ex-dividend date is Thursday, December 10th. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. Occidental Petroleum's dividend payout ratio is presently 17.34%.

Analyst Upgrades and Downgrades

OXY has been the subject of several recent analyst reports. Truist Financial raised their target price on shares of Occidental Petroleum from $63.00 to $64.00 and gave the stock a "hold" rating in a report on Thursday, October 15th. Wall Street Zen upgraded shares of Occidental Petroleum from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 10th. Morgan Stanley upped their price target on shares of Occidental Petroleum from $69.00 to $71.00 and gave the company an "equal weight" rating in a research report on Thursday, October 15th. UBS Group raised their price objective on shares of Occidental Petroleum from $67.00 to $73.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 14th. Finally, Piper Sandler assumed coverage on shares of Occidental Petroleum in a research report on Tuesday, October 27th. They set a "neutral" rating and a $69.00 price objective on the stock. Twelve analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Occidental Petroleum has an average rating of "Hold" and a consensus price target of $67.88.

Occidental Petroleum Profile

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company's OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.

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