OVERSEA CHINESE BANKING Corp Ltd Trims Stock Holdings in Occidental Petroleum Corporation $OXY

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Occidental Petroleum by 74.2% in the second quarter, now holding only 6,641 shares valued at $287,000.
• Several hedge funds recently increased their positions in Occidental Petroleum, with 88.70% of the stock currently owned by institutional investors.
• Occidental Petroleum reported earnings of $0.39 per share for the last quarter, surpassing estimates, but experienced a 6.1% revenue decline year-over-year.

OVERSEA CHINESE BANKING Corp Ltd lowered its stake in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 74.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,641 shares of the oil and gas producer's stock after selling 19,094 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Occidental Petroleum were worth $287,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. bought a new position in Occidental Petroleum in the 2nd quarter worth about $27,000. Caitong International Asset Management Co. Ltd bought a new position in Occidental Petroleum in the 1st quarter valued at $39,000. Spectrum Wealth Counsel LLC grew its position in shares of Occidental Petroleum by 5,000.0% during the 1st quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer's stock valued at $50,000 after purchasing an additional 1,000 shares in the last quarter. Ransom Advisory Ltd bought a new position in shares of Occidental Petroleum in the first quarter worth $54,000. Finally, Mid American Wealth Advisory Group Inc. purchased a new stake in shares of Occidental Petroleum in the second quarter worth $55,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Price Performance

OXY stock opened at $40.89 on Wednesday. The firm has a market cap of $40.25 billion, a P/E ratio of 24.19 and a beta of 0.95. The firm's fifty day moving average is $45.11 and its 200 day moving average is $43.55. Occidental Petroleum Corporation has a 52 week low of $34.78 and a 52 week high of $53.20. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. UBS Group reduced their target price on Occidental Petroleum from $46.00 to $45.00 and set a "neutral" rating for the company in a research report on Friday, October 3rd. Scotiabank boosted their price objective on Occidental Petroleum from $45.00 to $47.00 and gave the stock a "sector perform" rating in a report on Thursday, October 9th. HSBC raised shares of Occidental Petroleum from a "hold" rating to a "buy" rating and raised their target price for the company from $48.00 to $55.00 in a research note on Friday, October 3rd. Wells Fargo & Company initiated coverage on shares of Occidental Petroleum in a research note on Friday, October 17th. They issued an "underweight" rating and a $42.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price objective on shares of Occidental Petroleum from $49.00 to $50.00 and gave the company a "neutral" rating in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $52.26.

Occidental Petroleum Company 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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