Palumbo Wealth Management LLC Buys 9,710 Shares of Occidental Petroleum Corporation (NYSE:OXY)

Palumbo Wealth Management LLC increased its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 34.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,119 shares of the oil and gas producer's stock after buying an additional 9,710 shares during the period. Palumbo Wealth Management LLC's holdings in Occidental Petroleum were worth $1,882,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of OXY. Atria Wealth Solutions Inc. lifted its stake in Occidental Petroleum by 94.2% in the fourth quarter. Atria Wealth Solutions Inc. now owns 25,259 shares of the oil and gas producer's stock valued at $1,248,000 after buying an additional 12,251 shares during the period. Bradley Foster & Sargent Inc. CT raised its position in shares of Occidental Petroleum by 17.1% in the 4th quarter. Bradley Foster & Sargent Inc. CT now owns 9,962 shares of the oil and gas producer's stock valued at $492,000 after acquiring an additional 1,453 shares during the period. Deseret Mutual Benefit Administrators raised its position in shares of Occidental Petroleum by 27.1% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,164 shares of the oil and gas producer's stock valued at $58,000 after acquiring an additional 248 shares during the period. Marshall Investment Management LLC bought a new position in Occidental Petroleum during the 4th quarter worth approximately $269,000. Finally, Your Advocates Ltd. LLP grew its holdings in Occidental Petroleum by 4,860.0% during the fourth quarter. Your Advocates Ltd. LLP now owns 4,960 shares of the oil and gas producer's stock valued at $245,000 after purchasing an additional 4,860 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on OXY shares. Barclays increased their target price on shares of Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Piper Sandler dropped their price objective on Occidental Petroleum from $50.00 to $48.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Susquehanna reduced their target price on Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley set a $58.00 price target on Occidental Petroleum and gave the stock an "overweight" rating in a report on Wednesday, March 26th. Finally, Scotiabank lowered Occidental Petroleum from a "sector outperform" rating to a "sector perform" rating and set a $40.00 price target on the stock. in a research report on Friday, April 11th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $53.38.

Occidental Petroleum Stock Performance

NYSE:OXY traded up $0.73 during mid-day trading on Thursday, hitting $43.15. 11,931,719 shares of the stock were exchanged, compared to its average volume of 11,681,968. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.79 and a current ratio of 1.01. The firm's 50-day simple moving average is $42.15 and its 200 day simple moving average is $45.54. Occidental Petroleum Corporation has a fifty-two week low of $34.79 and a fifty-two week high of $64.76. The stock has a market capitalization of $42.47 billion, a price-to-earnings ratio of 17.54 and a beta of 0.87.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued its earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.13. Occidental Petroleum had a return on equity of 16.60% and a net margin of 11.20%. The firm had revenue of $6.80 billion for the quarter, compared to the consensus estimate of $6.97 billion. During the same quarter last year, the business posted $0.63 EPS. The company's revenue was up 13.9% compared to the same quarter last year. As a group, equities analysts anticipate that Occidental Petroleum Corporation will post 3.58 EPS for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 10th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.22%. The ex-dividend date is Tuesday, June 10th. Occidental Petroleum's payout ratio is presently 39.02%.

About Occidental Petroleum

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.