Occidental Petroleum Corporation $OXY Stock Sold by Curated Wealth Partners LLC

Key Points

• Curated Wealth Partners cut its Occidental Petroleum position by 63.3% in the third quarter, selling 40,756 shares and retaining 23,650 shares worth approximately $1.31 million.
• Institutional investors own 88.7% of OXY, with Berkshire Hathaway, State Street, and Bank of New York Mellon among notable holders that recently increased or initiated positions.
• OXY traded at $60.61, while the company reported stronger-than-expected quarterly results and raised its quarterly dividend from $0.26 to $0.28 per share. Analysts’ average rating remains “Hold,” with an average price target of $65.96.

Curated Wealth Partners LLC trimmed its position in Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 63.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,650 shares of the oil and gas producer's stock after selling 40,756 shares during the quarter. Curated Wealth Partners LLC's holdings in Occidental Petroleum were worth $1,308,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Berkshire Hathaway Inc bought a new stake in shares of Occidental Petroleum during the 2nd quarter valued at $12,868,205,000. State Street Corp boosted its holdings in Occidental Petroleum by 6.6% in 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 increased its stake in Occidental Petroleum by 84.8% in 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 in the last quarter. Danske Bank A S purchased a new stake in Occidental Petroleum during the 2nd quarter valued at approximately $172,413,000. Finally, Legal & General Group Plc purchased a new position in shares of Occidental Petroleum in the second quarter worth $168,860,000. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Price Performance

OXY stock traded down $0.80 during trading on Thursday, hitting $60.61. 3,626,278 shares of the company's stock traded hands, compared to its average volume of 12,063,939. Occidental Petroleum Corporation has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The business has a fifty day simple moving average of $59.18 and a 200 day simple moving average of $57.28. The stock has a market capitalization of $60.59 billion, a price-to-earnings ratio of 9.38, a P/E/G ratio of 0.96 and a beta of 0.24.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The business's quarterly revenue was up 53.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 EPS. As a group, research analysts expect that Occidental Petroleum Corporation will post 6.20 EPS for the current fiscal year.

Occidental Petroleum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Thursday, September 10th. This is an increase from Occidental Petroleum's previous quarterly dividend of $0.26. Occidental Petroleum's dividend payout ratio (DPR) is presently 17.34%.

Analyst Ratings Changes

A number of brokerages recently weighed in on OXY. Stephens dropped their target price on shares of Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating for the company in a research report on Tuesday, July 14th. BMO Capital Markets reissued a "market perform" rating and set a $68.00 price objective on shares of Occidental Petroleum in a report on Wednesday. Seaport Research Partners began coverage on shares of Occidental Petroleum in a report on Thursday, September 3rd. They set a "buy" rating and a $73.00 price objective for the company. Weiss Ratings upgraded Occidental Petroleum from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday. Finally, Wall Street Zen raised Occidental Petroleum from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 10th. Twelve investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $65.96.

Occidental Petroleum Profile

Occidental Petroleum Corporation, commonly known as Oxy, is an energy company engaged in the exploration, development and production of oil and natural gas. Its upstream operations are concentrated in the United States, including the Permian and Denver-Julesburg basins, and in selected international regions such as the Middle East and North Africa.

The company also operates midstream and marketing businesses that support the gathering, processing, transportation and sale of oil, natural gas and natural gas liquids.

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