Public Employees Retirement System of Ohio Trims Stock Position in Occidental Petroleum Corporation $OXY

Key Points

• The Public Employees Retirement System of Ohio reduced its holdings in Occidental Petroleum Corporation by 25.3% in the 2nd quarter, now owning 209,098 shares valued at approximately $8.78 million.
• Vanguard Group recently increased its position in Occidental Petroleum by 17.8%, holding nearly 80.23 million shares valued at approximately $3.96 billion.
• Occidental Petroleum announced a quarterly dividend of $0.24 per share, scheduled for payment on October 15th, representing a 2.0% yield.

Public Employees Retirement System of Ohio lowered its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY - Free Report) by 25.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 209,098 shares of the oil and gas producer's stock after selling 70,881 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Occidental Petroleum were worth $8,784,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Occidental Petroleum by 17.8% during the 1st quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock valued at $3,960,202,000 after purchasing an additional 12,107,285 shares during the last quarter. H&H International Investment LLC grew its stake in shares of Occidental Petroleum by 1.8% during the 1st quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer's stock valued at $682,456,000 after acquiring an additional 249,100 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Occidental Petroleum by 9.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock valued at $401,162,000 after acquiring an additional 710,220 shares during the period. Northern Trust Corp grew its stake in shares of Occidental Petroleum by 1.6% during the 1st quarter. Northern Trust Corp now owns 7,175,439 shares of the oil and gas producer's stock valued at $354,180,000 after acquiring an additional 110,378 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Occidental Petroleum by 4.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,432,722 shares of the oil and gas producer's stock valued at $218,799,000 after acquiring an additional 195,742 shares during the period. Hedge funds and other institutional investors own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Scotiabank boosted their price objective on Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Friday, July 11th. Wells Fargo & Company dropped their price target on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 15th. JPMorgan Chase & Co. upped their price target on Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Mizuho lowered their target price on Occidental Petroleum from $65.00 to $58.00 and set a "neutral" rating for the company in a research report on Monday, September 15th. Finally, Wall Street Zen downgraded Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Four equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus target price of $54.70.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $47.46 on Friday. The firm has a market cap of $46.72 billion, a P/E ratio of 28.08 and a beta of 1.04. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. Occidental Petroleum Corporation has a 12 month low of $34.78 and a 12 month high of $56.49. The stock's fifty day moving average price is $45.39 and its 200-day moving average price is $43.81.

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

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a yield of 2.0%. Occidental Petroleum's dividend payout ratio (DPR) is presently 56.80%.

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.

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